Reforms Key To Achieving $1tr Economy, Says Minister

The Minister of State for Finance, Doris Uzoka-Anite, says that structural economic reforms introduced by the Federal Government are central to achieving President Bola Ahmed Tinubu’s $1 trillion economy agenda.

Uzoka-Anite who stated this during the Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja stated that the target is clear and measurable, noting that Nigeria’s current Gross Domestic Product stands at about $375 billion.

According to her, reaching the $1 trillion mark will require sustained annual growth of between 10 and 12 percent over the next decade.

She explained that the administration’s first priority was restoring market integrity, particularly through the removal of fuel subsidy and the unification of the foreign exchange rate system. These steps, she said, were necessary to correct structural distortions in the economy.

The Minister acknowledged that the reforms came with short-term challenges but stressed that they have laid a credible foundation for long-term stability and growth. She noted that policy consistency has been critical in rebuilding investor confidence.

Citing independent validation, Uzoka-Anite pointed to the recent positive outlook on Nigeria by S&P Global Ratings, which affirmed the country’s B-/B credit ratings and recognized improvements in fiscal and external positions.

She further disclosed that the Federal Government is implementing the Disinflation and Growth Acceleration Strategy in collaboration with the Central Bank of Nigeria, aimed at delivering non-inflationary growth and unlocking productive capacity.

Uzoka-Anite maintained that the success of the $1 trillion ambition depends on disciplined fiscal management, increased domestic production, and sustained reform momentum across key sectors of the economy.

She reaffirmed the Federal Government’s commitment to maintaining the reform trajectory, expressing confidence that with consistency and stakeholder support, Nigeria can achieve transformative economic growth.

Umbwanko Baba, Edited By Grace Namiji