The President of the Chartered Institute of Directors Nigeria (CIoD), Adetunji Oyebanji, has stated that Nigeria would need to achieve an annual compound economic growth rate of 28.02 per cent to increase its estimated 2025 nominal Gross Domestic Product (GDP) of $290.79 billion to $1 trillion by 2030. Oyebanji made this assertion in Lagos while delivering the keynote address at the 42nd Omolayole Management Lecture. The lecture's theme was ‘One Trillion Dollar Economy: What It Will Take Nigeria to Achieve It’.
Oyebanji emphasized that the required growth rate is highly ambitious and has no historical precedent for an economy of Nigeria’s current size. He stressed that the target could not be achieved through incremental improvements or business-as-usual policies. According to him, there is a need for sustained acceleration in economic growth, structural transformation, and investment. This, he believes, will enable Nigeria to move beyond its dependence on abundant economic resources.
The CIoD president identified several major structural constraints limiting Nigeria’s economic expansion. These include power shortages, infrastructure deficits, inefficiencies in the oil sector, and foreign exchange volatility. Additionally, Oyebanji cited the country’s low tax-to-GDP ratio, insecurity, policy inconsistency, and human capital deficits as factors affecting economic growth. He emphasized the need for Nigeria to strengthen institutions and ensure consistency in government policies to create an environment capable of attracting private-sector investment and supporting industrial expansion.
Oyebanji noted that recent reforms in monetary policy, tax administration, and the petroleum sector are contributing to improved economic conditions, greater investment certainty, and fiscal sustainability. Reforms by the Central Bank of Nigeria have contributed to the moderation of inflation, improved stability in the foreign exchange market, and stronger investor confidence. Furthermore, tax administration reforms could strengthen domestic revenue mobilisation and reduce Nigeria’s dependence on oil revenues.
The CIoD president highlighted several key sectors capable of driving economic expansion in Nigeria. These include oil and gas, agriculture and agro-processing, manufacturing, technology, and the digital economy. Other sectors he identified as having potential for growth are infrastructure, solid minerals, services, and the creative industry. By focusing on these sectors, Nigeria can achieve the required economic growth and transformation.
Oyebanji outlined 10 strategic pillars for achieving the transformation required for Nigeria to reach a $1 trillion economy. These pillars include macroeconomic stability, institutional strengthening, policy consistency, regulatory certainty, infrastructure development, domestic revenue mobilisation, private-sector and investment promotion, industrialisation, and economic diversification. He also emphasised human capital development, technological and digital transformation, good governance, transparency, and the rule of law as essential for achieving the goal.
According to Oyebanji, economic potential alone does not guarantee economic size. He stated that achieving the goal will require disciplined governance, effective institutions, consistent policies, and a shared commitment to national development. With the right strategies and commitment to implementation, Nigeria can achieve the required economic growth and become a $1 trillion economy by 2030.
Key points
- Nigeria needs 28.02% annual growth to reach $1 trillion economy by 2030.
- Recent reforms in monetary policy, tax administration, and petroleum sector are contributing to improved economic conditions.
- 10 strategic pillars have been outlined for achieving the transformation required for Nigeria to reach a $1 trillion economy.
