The Federal Government of Nigeria has set ambitious economic targets for the next five years, aiming to reduce the proportion of its revenue consumed by debt servicing from 62.93% to 21.01%, cut public debt to 18.83% of GDP, and accelerate annual economic growth to 7.79% by 2030. These targets are part of a new roadmap to secure investment-grade sovereign credit status and transform Nigeria into a diversified $1 trillion economy. The government plans to achieve these projections through stronger revenue mobilisation, private investment, and increased productivity.
The Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, disclosed the targets at the sixth International Credit Rating Webinar organised by DataPro Limited. She outlined the proposed National Development Plan (NDP) 2026–2030, which aims to drive economic growth and development. Under the government’s preferred economic scenario, real GDP growth is projected to accelerate from 4.68% in 2026 to 10.34% in 2030, while government revenue is expected to rise from 11.15% of GDP in 2025 to 18.70% by the end of the period.
The government plans to increase capital expenditure from 36.03% to 57.43% of total expenditure, with gross capital formation expected to reach 40% of GDP by 2030. The private sector is projected to account for about 72% of cumulative investment under the plan, making the ability to attract domestic and foreign capital critical to its success. Achieving these targets will require significant investment in infrastructure, education, and healthcare.
Reducing the debt-service burden is a significant aspect of the government's economic plan. The current debt-service ratio of 62.93% leaves limited room for infrastructure development, education, and healthcare. By reducing this ratio to 21.01%, the government aims to free up resources for development priorities. Uzoka-Anite emphasised that investment-grade credit status must be underpinned by stronger economic fundamentals, including sustainable public finances and improved debt dynamics.
Nigeria's recent growth performance has been below expectations, with real GDP growth averaging 3.11% between 2021 and 2025, against the 4.65% average targeted under the preceding National Development Plan. The economy grew by 3.87% in 2025, while inflation, inadequate infrastructure, limited fiscal space, and low industrial productivity continued to constrain economic expansion. The government aims to address these challenges through the new development plan.
The government is working to broaden the tax base, improve compliance, digitise revenue administration, and reduce dependence on volatile oil receipts. Four major tax laws were enacted in 2025 to simplify the tax system and strengthen collections. Uzoka-Anite noted that borrowing could support development if directed towards productive investments that expand economic output and generate future revenue.
The ultimate test of the 2030 agenda will be whether higher investment and faster growth translate into more jobs, lower production costs, improved purchasing power, and better public services. Achieving investment-grade status and a $1 trillion economy will depend not merely on meeting financial targets, but on delivering sustained gains in productivity and living standards. Key sectors identified for growth include agriculture, manufacturing, refining, solid minerals, digital services, energy, and logistics.
Key points
- Nigeria aims to reduce debt servicing burden to 21% of revenue by 2030.
- The government targets 7.79% annual economic growth by 2030.
- Nigeria aims to achieve investment-grade sovereign credit status by 2030.
