FG Unveils Plans To Achieve $1 Trillion Economy By 2030, Unlocks Over $50b Investment Commitments

The federal government has unveiled plans to achieve $1 trillion economy by 2030, as set by President Bola Ahmed Tinubu, reports Business Today NG.
The federal government so far has unlocked over $50 billion in investment commitments through targeted road shows and strategic engagements.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, who made this disclosure while peaking at the Domestic Investment Summit in Abuja, said this must begin with strengthening domestic capacity through the Nigeria First Policy.
Oduwole stated that Nigeria’s economic transformation must be built on local capital, enterprise, and talent.
According to her, the federal government is accelerating economic diversification via reforms in industrialisation, digitisation, the creative sector, manufacturing, and innovation.
“At the start of the year, we laid out bold 2025 targets —$6 billion in foreign direct and portfolio investment, $6.5 billion in non-oil exports, a 20% rise in trade value, and 200,000 export-led jobs,” she disclosed.
While disclosing that Nigeria has so far unlocked over $50 billion in investment commitments through targeted road shows and strategic engagements, the minister she noted that Nigeria has restored investor confidence and repositioned the country as a forward-looking investment destination.
“The Nigeria First Policy is our strategic imperative. It prioritises domestic production, deepens value chains, equips our youth for global competitiveness, and builds resilience by addressing structural deficits,” the minister said.
She listed five critical deficits hindering growth — food, energy, manufacturing, infrastructure, and housing. While agriculture employs over 35% of Nigerians, it contributes less than 25% to GDP. Manufacturing remains at 12.7% of GDP, electricity access is limited to about 45% of the population, infrastructure gaps remain wide, and the housing deficit exceeds 20 million units.
“These are not abstract figures. They are real barriers to inclusive growth. But other nations like Malaysia, Indonesia, and South Korea have shown us that structural transformation is possible with bold policy and coordinated action,” she said.
To butrees hjer points, Oduwole cited progress already being made under Tinubu’s administration. Non-oil exports rose by 24.75% in Q1 2025, reaching \$1.79 billion. New textile parks, auto plants, and food hubs have been launched in Special Economic Zones.
These initiatives, according to her, are saving foreign exchange and creating mass employment.
As global production costs rise in East Asia, she said Nigeria is now attracting interest from international manufacturers seeking cost-effective locations.
“The President has made difficult but necessary reforms—removing the fuel subsidy, unifying exchange rates, restoring fiscal discipline, and enacting the most comprehensive tax reform in decades,” she added.
She highlighted the three pillars driving growth: fiscal policy to restore trust and attract capital, monetary policy to stabilise the naira and reduce inflation, and trade policy to unlock new global and regional opportunities
However, she cautioned that Nigeria must act quickly and decisively to remain competitive. “Other countries are reforming faster, offering clearer incentives, and attracting global capital. Every delay risks ceding ground,” she warned.
The ministry, she noted, is aligning tariffs with industrial policy, simplifying trade procedures, and pushing for a modernised, globally aligned trade framework.
Nigeria, she said, has recently completed the World trade Organisation (WTO) Trade Policy Review, signed the UK Enhanced Trade and Investment Partnership (ETIP), finalised CEPA negotiations with the UAE and Japan, signed the U.S. Commercial Investment Partnership (CIP), formalised a Nigeria-Benin MoU, and strengthened ECOWAS trade coordination
“The Nigeria First Policy is how we will move from ambition to productivity, and from productivity to global competitiveness,” the minister said.