How the Federal Government Can Reach a $1 Trillion Economy by 2030

Nigeria’s aim to grow its economy to $1 trillion by 2030 is bold but within reach. At the Domestic Investment Summit in Abuja, Minister Jumoke Oduwole explained the federal plan under the “Nigeria First Policy.” 

The “Nigeria First Policy” makes local businesses and workers the top priority. Under this plan, the government will channel its spending and incentives into Nigerian‑owned companies so that profits and jobs stay in the country. 

Instead of exporting raw materials, the policy encourages turning crops and minerals into finished products. For example, farmers will receive grants, training and guaranteed markets that help them move from selling raw produce to packaging and processing foods that bring higher prices.

Close Core Structural Gaps

Five main areas hold back growth: food, energy, manufacturing, infrastructure and housing. On food, the government will support bigger irrigation projects, better seed distribution and wider fertiliser access, while setting up processing centres near farms for milling, canning and cold storage. 

In the energy sector, completing the sale of power plants and distribution networks will bring more private investment into electricity supply, while off‑grid solar micro‑grids will extend power to rural communities. 

To boost manufacturing, the plan calls for more Special Economic Zones with ready‑built factories, reliable utilities and tax breaks, along with duty waivers on imported machinery that raises local capacity. 

Infrastructure will improve through public‑private partnerships that build new roads, rail lines and port upgrades, funded in part by setting aside a share of value‑added tax for maintenance and expansion. 

Finally, the housing shortage will be tackled by issuing a national affordable‑home bond to raise private capital for one million new units and by simplifying approval processes for developers across all states.

Hit Short‑Term 2025 Milestones as Building Blocks

Minister Oduwole set specific 2025 targets to pave the way toward 2030. The government plans to attract $6 billion in foreign direct and portfolio investment through roadshows in financial centres such as New York, London and Dubai, paired with streamlined regulations. 

For non‑oil exports, the aim is $6.5 billion, achieved by offering exporters better credit terms and subsidised shipping routes into Africa, Europe and Asia. A 20 percent rise in trade value depends on aligning tariffs and creating a single‑window customs system that clears goods in under 24 hours. 

To generate 200,000 export‑led jobs, vocational schools and universities will roll out training programmes in logistics, quality control and digital marketing.

Leverage Recent Policy Reforms

President Tinubu’s tough early measures have freed up funds and strengthened confidence. Removing the fuel subsidy released more than ₦4 trillion for roads, schools and hospitals. 

Unifying the exchange rate improved foreign‑exchange supply and persuaded investors that Nigeria’s market is stable. Strict fiscal discipline capped non‑essential spending and cut waste, while the new tax‑reform law broadened the base, lowered rates and improved compliance. 

Keeping these policies in place will maintain stability and encourage fresh investment.

Use Fiscal, Monetary and Trade Policy in Concert

Success requires a unified approach across all policy areas. Fiscal policy will focus any deficit spending on high‑impact projects such as highways, power plants and ports that stimulate the economy. 

Monetary policy will aim to keep inflation under 10 percent and match money supply growth to real economic output, helping to stabilise the naira.

Trade policy will finalise deals like the UK Enhanced Trade and Investment Partnership, economic agreements with the UAE and Japan, and a U.S. Commercial Investment Partnership, using these pacts to open new markets for Nigerian-made products.

Attract Regional and Global Manufacturers

Rising production costs in East Asia create opportunities for Nigeria. The country can offer its large, English‑speaking workforce and access to a 400 million‑person ECOWAS market as key advantages. 

By providing land grants, visa assistance and fast‑track permits, the government can entice global firms in sectors like textiles, agro‑processing, electronics and renewable energy to set up factories in Nigeria. Each new facility brings jobs, technology transfer and boosts exports.

Build Human Capital and Innovation

Long‑term growth relies on skills and fresh ideas. Technical and vocational education must expand, with courses in areas such as robotics, data analytics and advanced manufacturing. 

The government will support technology hubs with matching grants and foster partnerships between universities and startups. Tax credits for companies that invest in local research and development will transform Nigeria’s universities into engines of innovation rather than mere teaching centres.

Accelerate Digitisation and the Creative Economy

A modern economy runs on data and cultural exports. Rolling out a national digital identity system and e‑payments infrastructure will bring more Nigerians into the formal financial system and shrink the informal sector. 

Meanwhile, offering tax breaks to film studios, music producers, and game developers will boost the creative industries,Nollywood films, Afrobeats music, and homegrown apps,on the global stage.

Ensure Strong Political Will and Regional Cooperation

Powerful vested interests can stall progress, so political unity is essential. Forming a Presidential Council on Economic Growth, with governors, business leaders and labour unions, will help remove barriers quickly. 

Harmonising regulations and permitting processes across all states will create a true national market, so companies can expand without facing a patchwork of rules. With firm political courage and regional cooperation, Nigeria can turn the $1 trillion economy goal into reality by 2030.