Alake reiterates $1tr GDP target by 2036
Nigeria has moved to attract major foreign investment as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, received a delegation from GCL Group in Abuja to discuss projects valued at up to $5.7 billion across key sectors of the economy.

The delegation was led by Orji Uzor Kalu, according to a statement released yesterday by the Finance Ministry on its X handle.

The ministry said the proposed investments would focus on large-scale power generation, local processing of mineral resources and the establishment of new manufacturing plants.

The statement added that the planned projects were designed to expand job opportunities, increase exports and encourage value addition within Nigeria rather than exporting raw materials.

Officials explained that the engagement reflected growing interest from international investors, which they linked to ongoing economic reforms introduced under the administration of Bola Ahmed Tinubu.

The ministry said the reforms were helping to improve investor confidence and create conditions for long-term economic growth.

According to the statement, the discussions also support Nigeria’s broader goal of moving from dependence on raw commodity exports to a production-driven economy built on domestic processing and manufacturing.

IN another development, the Federal Government has reaffirmed its commitment to building a $1 trillion economy by 2036, positioning large-scale mining investments as critical drivers of industrial growth and economic diversification.

The Minister of Solid Minerals Development, Dele Alake, said the Dukia-Arinola Polymetallic Mine-to-Market Project represents the type of private-sector-led initiative required to accelerate GDP expansion, boost export capacity and reduce Nigeria’s dependence on oil revenues.

Alake spoke at the signing of an Engineering, Procurement and Construction Management (EPCM) Memorandum of Understanding between Dukia Gold & Precious Metals Refining Company Limited and SGS Bateman on the sidelines of the Investing in African Mining Indaba in Cape Town.

He emphasised that the mining sector must evolve into a core pillar of Nigeria’s economic transformation agenda.

According to the minister, the Dukia–Arinola project aligns directly with the Federal Government’s broader economic blueprint to significantly increase Nigeria’s GDP over the next decade.

He said the initiative was expected to stimulate large-scale industrial activity, generate skilled and semi-skilled employment, deepen local supply chains, promote mineral beneficiation and value addition; and increase foreign exchange earnings through competitive exports.

“Our ambition is clear — to move mining beyond its historic marginal role and position it as a strategic contributor to national GDP, foreign exchange earnings and industrial competitiveness,” Alake stated.

He noted that recent reforms in the mining sector — including improved regulatory clarity, streamlined licensing processes, investor-friendly fiscal incentives and infrastructure prioritisation — were already strengthening the sector’s contribution to GDP.