Nigeria Confident of $1tr Economy by 2030, Seeks EU Investment
By Patience Ikpeme
The Federal Government is confident that the $1 trillion economy target set by the President Bola Tinubu administration for 2030 is within reach, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, announced during a courtesy call by the European Union Parliamentary Committee on Foreign Affairs in Abuja.
The Minister told the EU delegation, led by Mr. David McAllister, that achieving the ambitious Gross Domestic Product (GDP) target will rely heavily on private sector collaboration and international partnerships.
“Our President has set a clear target for Nigeria to achieve a one trillion-dollar GDP by 2030,” Bagudu told the EU committee, continuing, “This is ambitious, but achievable through partnerships such as ours with the European Union.”
According to a statement from the Ministry, Senator Bagudu explained that the government’s strategy involves working closely with the private sector, which is projected to provide 86% of the investment needed to reach the target. He added that the Tinubu administration anticipates attaining double-digit growth in an environmentally sustainable way within that period, citing President Tinubu’s bold economic reforms as setting the economy on a sustainable growth trajectory.
The Minister acknowledged and expressed appreciation to the European Union for its substantial support, particularly thanking the Head of the EU delegation to Nigeria, Ambassador Gauthier Mignot, for securing a credit line of N320.5 billion €190 million). This fund is allocated to Nigerian commercial banks and financial institutions to increase lending to the agricultural sector.
This facility aligns with the EU’s broader Global Gateway project, which plans to invest €300 billion in Africa to support a green, democratic, and digital transition, sustainable economic development, partnerships, health care, and education.
“We believe the absorptive capacity of our economy is strong, whether in agriculture or other forms of infrastructure, and therefore we are committed to partnering with you and fostering mutually beneficial relationships for our people,” Bagudu said.
The Team Lead of the EU Parliamentary Committee on Foreign Affairs, Mr. David McAllister, observed that Nigeria is the EU’s largest trade and investment partner, accounting for a substantial share of both imports and exports.
He stated that the visit aimed to encourage investment and renewal in clean energy, to bolster Nigeria’s manufacturing sector and industrial capacity, and to broaden cooperation and sustainable economic diversification beyond oil exports.
Earlier, the Acting Permanent Secretary of the Ministry, Dr. Sampson Ebimaro, welcomed the delegation, noting that the visit offered a chance to consider how institutions could work more closely together to tackle common priorities.
