The Minister of Minister of Industry, Trade and Investment Dr Jumoke Oduwole, says everything will be done by the federal government to achieve its target of $1 trillion economy for the country by 2030 in line with President bola Ahmed Tinubu’s bold economy target.
President Tinubu had after coming to office in 2023 promised to raise the nation’s economy from it’s less than $300 billion current size.
Analysts insist that the target may be a herculean task considering the nation’s economic reality.
According to the latest figure released on Monday by the national Bureau of Statistics, NBS, Nigeria’s Gross Domestic Products, GDP now stands at $243 billion.
The figures was released by the statistician General of the Federation/ Chief Executive of the NBS after the much-awaited rebasing of the economy.
According to Oduwole, all economic activities will be ramp up to achieve the $1 trillion economy promised by the president.
She said there are signs that the economy is picking up in major areas, adding that her ministry would work with private sectors, development partners, and regional institutions to design and implement practice solutions that deliver quick results.
The minister who spoke in Abuja on Monday at a Domestic Investment Summit with the theme “Operationalisating Nigeria First Policy’’ said the federal government is focusing on raising the production level, by diversifying the economy through targeted reforms.
Oduwole: “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 1.79 billion dollars.
“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 with 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 one trillion 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 six billion dollars in foreign direct and portfolio investment,
“Also, 6.5 billion dollars 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 50 billion dollars in commitments.
“This will help to strengthen investors confidence, and reposition Nigeria as a credible, forward-looking investment destination,’’ Oduwole said.
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