Nigeria eyes $1 trillion GDP as Tinubu’s economic reforms drive growth

DDM News

President Bola Tinubu’s economic reforms are propelling Nigeria toward its ambitious $1 trillion GDP target.

Strategic changes in finance, digital infrastructure, and economic planning are delivering visible results across key sector, Diaspora Digital Media (DDM) gathers.

Finance Minister Wale Edun, represented by Dr. Doris Uzoka-Anite, stressed the capital market’s central role in the reforms.

She explained that the revised Capital Market Master Plan prioritizes digitalization, sustainability, and financial inclusion.

These priorities are encouraging better governance, innovative financial products, and increased investor participation across the board.

Dr. Uzoka-Anite stated that these improvements helped Nigeria achieve its fastest GDP growth in a decade in 2024.

The capital market is gradually becoming a more inclusive and modernized space for investors and companies alike.

Alongside financial reforms, Nigeria’s digital sector is witnessing a significant rise in foreign direct investment (FDI).

Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, highlighted this remarkable growth in recent reports.

FDI in the digital space rose from $22 million in Q1 2023 to $191 million in Q1 2024.

He credited this leap to initiatives like the Three Million Technical Talent (3MTT) program.

The  3MTT program has already trained over 117,000 Nigerians in various digital skills across multiple sectors.

A $2 billion national broadband project is also set to deploy 90,000 kilometers of fiber optic cables nationwide.

This infrastructure aims to improve internet connectivity and attract global digital investments to Nigeria’s growing tech ecosystem.

Senator Abubakar Bagudu, Minister of Budget and Economic Planning, reaffirmed the government’s commitment to economic diversification.

He noted progress in strengthening non-oil sectors and reducing dependency on volatile oil revenues.

Fiscal stability and discipline remain central to the administration’s long-term development agenda.

Senator Bagudu emphasized that proper planning and effective policy execution are key to Nigeria’s economic resilience.

He added that reforms are structured to produce both immediate impact and long-term sustainability.

Collectively, the ministers are coordinating efforts to reshape Nigeria’s economy through capital market and digital sector reforms.

Analysts believe that this synergy is crucial to achieving the $1 trillion GDP goal.

Although challenges such as inflation and unemployment persist, the current momentum shows promising signs.

With consistent policies and strategic investments, Nigeria’s transformation journey is firmly underway.

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