Get Guardian on GoogleNigeria’s ambition of building a $1 trillion economy by 2030 will depend on increased domestic and foreign investment, higher production and expanded exports, President Bola Tinubu has said.
Tinubu, who spoke yesterday at the 2026 Annual Directors’ Conference of the Chartered Institute of Directors (CIoD) Nigeria in Lagos, urged businesses to expand productive investment, pioneer new industries and create lasting employment, saying the target would not be achieved through announcements but by stronger partnerships between government and the private sector.
Represented by the Chairman of the Federal Civil Service Commission, Tunji Olaopa, the president said Nigeria needed an economy that produces more, attracts sustained investment, exports more value-added goods and services, and achieves faster and more inclusive growth.
Adding that investors need confidence in transparent, accountable and predictable institutional frameworks to commit their resources, he identified stronger corporate governance as essential to reducing investment risks, improving access to capital, strengthening operational efficiency and sustaining businesses.
The president also called on government institutions and businesses to address constraints on investment, including inadequate infrastructure, electricity supply, security, regulatory delays, and weak policy implementation.
Moreover, he urged businesses to expand productive investment, develop new industries, employ more Nigerians, deepen local value chains and build enterprises capable of competing internationally.
Tinubu also acknowledged the pressures that the removal of the petroleum subsidy and foreign exchange market reforms had placed on households and businesses, but said the government was taking steps to address longstanding structural weaknesses in the economy.
He cited economic growth of 4.43 per cent in the second quarter of 2026 and a headline inflation rate of 14.63 per cent in September 2026, following the rebasing of the consumer price index.
However, he cautioned that the figures were calculated using different methodologies and should not be treated as a direct comparison with the 34.80 per cent inflation recorded in December 2024 under the former methodology.
He also called for improved energy and transport infrastructure, policy predictability, greater local value addition and export diversification, urging Nigeria to take advantage of the African Continental Free Trade Area to connect local producers to wider markets.
Similarly, Secretary to the Government of the Federation, George Akume, said government needed to consolidate its economic reforms, strengthen productive capacity and ensure that their benefits translated into improved living conditions.
Akume, represented by the Director of the Nigerian National Volunteer Service, Dr Imaobong Ekwere, said government priorities included agriculture, industrial development, energy, infrastructure, economic diversification, human capital development and improved public service delivery.
However, he stressed that policies and budgetary provisions can only achieve their purpose through capable institutions, effective implementation and measurable results.
Earlier, CIoD President and Chairman, Adetunji Oyebanji, stated that achieving the $1 trillion economic ambition requires more than fiscal policy, stressing the importance of productive capital allocation, enterprise development and effective risk management.
‘Nigeria’s $1tr economy target requires productive investment’
igeria’s ambition of building a $1 trillion economy by 2030 will depend on increased domestic and foreign investment, higher production
