Abuja: The Minister of State for Finance, Dr. Doris Uzoka-Anite, has emphasized the Federal Government’s dedication to achieving President Bola Ahmed Tinubu’s ambitious one trillion-dollar economic goal. Uzoka-Anite conveyed this commitment during the Annual General Meeting (AGM) of the Finance Correspondents Association of Nigeria (FICAN) held in Abuja.
According to News Agency of Nigeria, the minister, represented by the ministry’s Assistant Director of Media and Public Relations, Mrs. Uloma Amadi, described the target as a “specific, measurable destination” rather than just a slogan. She highlighted the government’s ongoing reforms as laying a solid foundation for sustained double-digit growth, noting the current Gross Domestic Product (GDP) stands at approximately 375 billion dollars. Achieving the one trillion-dollar milestone would require sustained annual growth of 10 to 12 percent over the next decade.
Uzoka-Anite pointed out the structural distortions inherited by the administration in 2023, including a costly fuel subsidy regime and a multiple exchange rate system that affected investor confidence. She stated that the removal of fuel subsidies and the unification of the foreign exchange market were crucial steps to restore market integrity, despite their short-term challenges.
The minister further explained the restructuring of the budget framework to clearly differentiate between recurrent and investment expenditure, with a focus on infrastructure and growth-enhancing projects. The second phase of reforms, the Disinflation and Growth Acceleration Strategy (DGAS), aims to unlock productive capacity and deliver non-inflationary growth, targeting over seven percent by 2027.
Highlighting collaboration with the Central Bank of Nigeria (CBN), Uzoka-Anite listed the nine pillars of DGAS, which include capital mobilization, sectoral acceleration, energy expansion, digital infrastructure development, and large-scale human capital training. She underscored the need to reverse the high percentage of imported raw materials in local production, citing the Dangote Refinery as a model for domestic resource processing.
Uzoka-Anite mentioned the country’s removal from the Financial Action Task Force (FATF) grey list, reflecting strengthened anti-money laundering frameworks. She also noted the submission of Nigeria’s ECOWAS tariff offer under the African Continental Free Trade Area (AfCFTA), committing to zero duties on 90 percent of traded goods within Africa.
During the event, Abubakar Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), outlined strategies to propel Nigeria towards a one trillion-dollar economy, with a focus on exporter empowerment, regional trade leadership, and infrastructure development. Bello emphasized the importance of accurate media reporting to build global investor confidence.
Ayodeji Gbeleyi, Director-General of the Bureau of Public Enterprises (BPE), discussed the transformative economic phase Nigeria is undergoing. He highlighted the development of a robust pipeline of Public-Private Partnership (PPP) projects across critical sectors, urging financial journalists to maintain oversight of the reform process.
Abraham Durosawo, Vice President of the Nigeria Infrastructure Fund at the Nigeria Sovereign Investment Authority (NSIA), stressed the need for a diversified approach to infrastructure financing, calling for substantial annual investments to close the infrastructure deficit. He reiterated NSIA’s commitment to renewable energy and its role in attracting capital through strategic partnerships.