$1tn Economy: Nigeria Must Drive Investment and Production

Nigeria’s ambition to build a $1 trillion economy will require massive investment, stronger infrastructure and sustained growth, as the country’s current economic performance remains below the level needed to achieve the target by 2030.

The economy grew by 4.43 per cent year-on-year in the second quarter of 2026, up from 3.89 per cent in the first quarter, while first-half growth stood at 4.16 per cent.

However, with Nigeria’s economy currently estimated at between $358 billion and $375 billion, achieving $1 trillion within four years would require exceptionally high growth in dollar terms.

Economists say the government must significantly increase investment in electricity, roads, railways, ports, manufacturing, agriculture, mining and digital infrastructure.

Reliable electricity is particularly important, as high energy costs continue to affect businesses and manufacturers.

Nigeria must also attract more foreign and domestic investment, improve agricultural productivity, expand manufacturing and agro-processing, and develop its mineral resources to strengthen exports.

The government’s proposed strategy to connect major ports with road and rail networks could also boost trade, manufacturing and regional economic activity if properly implemented.

Beyond GDP growth, the government must ensure that economic expansion translates into more jobs, higher incomes, affordable food and improved living standards.

Nigeria can retain the $1 trillion ambition, but achieving it will depend on turning economic plans into actual investments, production and jobs.

The target, therefore, will require sustained commitment to infrastructure, private-sector growth, efficient public spending and policies that make Nigeria more attractive to investors.