Tinubu’s Plan to Grow Nigeria’s Wealth to $1tr Is Real and Moving – Uzoka-Anite
By Patience Ikpeme
The Federal Government has declared that its plan to grow Nigeria’s economy to a $1 trillion value is not just a campaign slogan but a clear destination that the country is working hard to reach.
To achieve this big dream, the Minister of State for Finance, Dr. Doris Uzoka-Anite, explained on Wednesday that Nigeria needs to grow its wealth by at least 10 to 12 percent every single year for the next ten years.
She spoke in Abuja on Wednesday at the Annual Conference of the Finance Correspondents Association of Nigeria (FICAN), noting that while the target is very big, the government is ready for the challenge.
“That is an ambitious target, and this administration is not shy about saying so. Ambitious targets are what move nations,” Dr. Uzoka-Anite said. She pointed out that Nigeria’s economy is currently valued at about $375 billion, meaning there is still a long way to go to hit the $1 trillion mark.
The Minister also revealed that Nigeria has taken a major step to boost trade across Africa. The government has submitted a special offer to the African Continental Free Trade Area (AfCFTA) to remove all import duties on 90 percent of goods traded with other African countries. This gives Nigeria access to a market of 1.4 billion people.
“It is a strategic repositioning. When global trade routes become contested, as they are today, regional corridors become the most reliable alternatives. Nigeria is deliberately placing itself at the center of that alternative,” she said.
The Minister made it clear that the government cannot do this alone. She said the $1 trillion economy will be built by investors who trust the system, businessmen who can get loans easily, and young Nigerians who have the skills to work.
Sharing a success story from the housing sector, Sani Yakubu, who coordinates the Ministry of Finance Real Estate Investment Fund (MREIF), said the government is already making it easier for Nigerians to own homes. He said that since March, the government has helped provide over 1,000 mortgages worth more than 75 billion Naira.
Mr. Yakubu noted that for the first time in Nigeria’s history, about 10 billion Naira worth of mortgages are being processed every single month. He shared the story of a popular mortgage bank that has done more business in the last few months than it did in the previous 20 years.
“Typically and naturally, when a volcano is about to erupt, it starts from deep inside the ground,” Mr. Yakubu said, describing how the economy is quietly picking up speed. He confirmed that 20 financial institutions, including 10 commercial banks and 10 mortgage banks, are now working with the government to give out these home loans to the public.
The government believes that by focusing on these areas—trade, housing, and supporting local businesses—Nigeria will stay on the right path to becoming a $1 trillion economy.
