Nigeria must maintain double-digit economic expansion over the next decade to meet its $1 trillion economy target, the Minister of State for Finance, Doris Uzoka-Anite, has said.
Speaking through a representative at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja, the minister stated that sustained annual growth of 10-12 percent is required to reach the goal set by President Bola Tinubu.
In her goodwill message, Uzoka-Anite said, “Nigeria’s GDP currently sits at approximately $375bn. To reach $1tn requires sustained GDP growth of between 10 and 12 per cent annually over the coming decade.”
She described the target as “a specific, measurable destination,” noting that the administration’s reform programme is focused on rebuilding economic fundamentals. According to her, structural distortions inherited in 2023 included fuel subsidy costs exceeding N5 trillion annually and a multiple exchange-rate system that weakened investor confidence.
The minister pointed to improved macroeconomic indicators, highlighting that S&P Global Ratings revised Nigeria’s outlook to positive in January 2026 while affirming its B-/B credit rating. On fiscal reforms, Uzoka-Anite said the government has redesigned its budget framework to treat investment spending as a separate pillar from recurrent expenditure.
“For the first time, we are treating investment expenditure as a distinct pillar of public finance, separate from recurrent spending. This matters because it disciplines the government to ask a different question: not just how much are we spending, but what are we building with what we spend,” she said.
She disclosed that the next phase of reforms will be driven by the Disinflation and Growth Acceleration Strategy, jointly developed with the Central Bank of Nigeria, targeting non-inflationary growth above seven percent by 2027. The plan includes sectoral acceleration across agriculture, energy, technology, manufacturing and creative industries, alongside expanded digital infrastructure and a nationwide energy programme.
Uzoka-Anite also flagged Nigeria’s dependence on imported industrial inputs, noting that roughly 70 percent of raw materials used in manufacturing are sourced externally. She cited the Dangote Refinery as an example of domestic value addition capable of boosting jobs, tax revenues and household incomes.
On international positioning, she said Nigeria’s removal from the Financial Action Task Force grey list signalled stronger anti-money laundering safeguards, while the country’s tariff offer to the African Continental Free Trade Area would establish zero duties on 90 percent of goods traded within Africa.
Separately, the Ministry of Finance Incorporated unveiled a N1 trillion private sector-driven mortgage initiative aimed at tackling housing shortages. National Coordinator of the real estate investment fund, Sani Yakubu, said N75 billion has already been deployed after raising an initial N250 billion tranche.
Yakubu described the housing deficit as severe, noting, “The toughest question developers face is: who is going to buy the houses? By giving an off-take guarantee, we stand ready to provide mortgages to Nigerians to buy those units, making developers more bankable.”
Meanwhile, Nigeria Sovereign Investment Authority officials said the country would require annual infrastructure investments of $100-150 billion to close deficits and support the $1 trillion growth ambition.
