The Federal Government says Nigeria is on track to reach a $1 trillion GDP by 2030, citing strong private sector involvement and international partnerships as key drivers.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, made the statement during a meeting with the European Union Parliamentary Committee on Foreign Affairs in Abuja.
Bagudu said the Tinubu administration’s economic blueprint relies heavily on private investment, which is expected to provide 86 percent of the funding needed to hit the trillion-dollar mark.
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He described the goal as ambitious but achievable, especially with support from partners like the EU. “We are pursuing growth that is both inclusive and responsible, one that creates jobs, strengthens productivity, and protects the environment,” he said.
Bagudu credited ongoing reforms for placing Nigeria on a more sustainable path and thanked the EU for its role in facilitating Nigeria’s participation in the 2025 Global Gateway Forum.
He highlighted a N320.5 billion (€190 million) credit line secured for Nigerian banks to boost agricultural lending, and praised the EU’s €300 billion Global Gateway Project for aligning with Nigeria’s development priorities.
The minister said Nigeria’s absorptive capacity is strong and expressed readiness to deepen cooperation in agriculture, infrastructure, and other sectors.
EU delegation leader David McAllister called Nigeria the EU’s largest trade and investment partner in Africa. He said the visit aimed to strengthen collaboration in clean energy, manufacturing, and economic diversification.
McAllister emphasized the importance of moving beyond oil exports and investing in sustainable industries that can drive long-term growth.
The meeting underscored the shared commitment to building a resilient, inclusive economy through strategic reforms and global partnerships.
