Nigeria on the Road to $1trn Economy by 2030, says Minister

By emmanuel MALAGU

The Federal Government has demonstrated its commitment toward achieving $1trn Economy by 2030 through Domestic Investment Summit to actualise 8-Point Renewed Hope Agenda.

Jumoke Oduwole, Minister of Industry, Trade and Investment, said this at a Domestic Investment Summit, in Abuja on Monday.

The Theme of the Summit was Tagged, “Operationalising Nigeria First Policy.’’

Oduwole said the Ministry was accelerating Economic Diversification through targeted Reforms in Industrialisation, Digitisation and Creative Economy, Manufacturing and Innovation.

She said President Bola Tinubu had set a bold target to achieve a $1trn Economy by 2030.

“The Nigeria First Policy is how we will actualise that Vision by turning Ambition into Productivity and Productivity into Competitiveness.

“We are already taking Actions, which include, Non-Oil Exports rose 24.75 per cent in First Quarter in 2025, reaching $1.79bn.

“New Textile Parks, Auto Plants, and Food Hubs are springing up in our Special Economic Zones.

“These Facilities are producing Locally for our Domestic Market, saving Billions in Foreign Exchange, creating Jobs on a Large Scale, and positioning Nigeria as the Manufacturing Hub for ECOWAS and Africa,’’ she said.

The Minister said that the President also directed the Ministry to convene the Summit as a Focus Group Session to Large Domestic Investors that power the Nigerian Economy.

She said that the effort was to Co-Curate Strategies, Policies and Reforms, with clear targets and specific requests of what was needed.

She added that the commitment would help to actualise the 8-Point Renewed Hope Agenda, the Nigeria First Policy and achieve the $1trn Economy by 2030.

According to her, at the start of the year, the Ministry laid out a clear Strategy with bold 2025 Targets, which include $6bn in Foreign Direct and Portfolio Investment.

“Also, $6.5bn in Non-Oil Exports, and a 20 per cent increase in Trade Value, and 200,000 Export-Led Jobs.

“Through Targeted Investment Road Shows and Strategic Engagements, we have unlocked over $50bn in Commitments.

“This will help to strengthen Investors Confidence, and reposition Nigeria as a Credible, Forward-Looking Investment Destination,’’ she said.

Jumoke said that the Summit was a shared affirmation that Nigeria’s Economic Transformation must be built on a Foundation of Domestic strength, anchored in Nigerian Capital, Enterprise and Talent.

She said the Ministry would continue to partner Private Sectors, Development Partners, and Regional Institutions to design and implement practical Solutions that deliver impact quickly and inclusively.

Nura Rimi, Permanent Secretary of the Ministry, said that the Theme of the Summit was both strategic and timely, adding that the Nigeria First Policy was not a mere Slogan.

Rimi said the First Nigeria Policy was a bold Declaration of Intent to prioritise Nigerian Businesses, promote Local Production and strengthening Indigenous Capacity in all Facets of Economic Life.

He said that the Ministry remained committed to creating a more Enabling Business Environment through Regulatory Reforms, Infrastructure Enhancement, improved and strengthening Linkages between Government and Private Sector.

Olayemi Cardoso, Governor of Central Bank of Nigeria (CBN), said the Summit would help in building a Conducive Environment that would attract Investors into the Country.

Cardoso, who was represented by Blaise Ijebor, Director, Risk Management of the CBN, said that the Summit would share Pathways to Domestic and Regional Market Growth for Nigerian Businesses.

Credit NAN: Texts excluding Headline