By John Joseph
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Nigeria’s Minister of Finance, Wale Edun, has emphasized the need for a substantial investment of $20 billion annually to drive economic growth and facilitate infrastructural development. This investment is crucial to achieving the country’s ambitious target of a $1 trillion gross domestic product (GDP) by 2030.
Edun stressed that the additional $20 billion per year is required to grow the economy at an average rate of 6.3 percent in the medium term. He noted that this investment will primarily focus on social infrastructure, logistics, and agriculture.
To put this into perspective, Nigeria’s economy stood at $363 billion in 2023, and the National Bureau of Statistics (NBS) reported a GDP of $134 billion for the first three quarters of 2024. To reach the $1 trillion target, Nigeria needs to add at least $866 billion between October 2024 and December 2030. This represents a significant increase of 7.5 times in GDP size within six years.
President Bola Tinubu announced the $1 trillion GDP target in 2023, and Edun’s statement reiterates the urgency of achieving this goal. The minister’s emphasis on investment in social infrastructure and logistics for agriculture highlights the need for a comprehensive approach to driving economic growth.
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