The proposed national development plan seeks a trillion dollar economy, but officials acknowledge that infrastructure, financing and productivity gaps threaten the ambition.
The Federal Government has proposed an economic expansion programme that would lift annual growth to 10.34 per cent by 2030, with private investors expected to provide nearly three quarters of the capital required to deliver the plan.
Minister of State for Budget and Economic Planning Doris Uzoka Anite said the proposed National Development Plan covering 2026 to 2030 envisages average annual growth of 7.79 per cent, rising from 4.68 per cent in 2026. The preferred scenario places nominal output near $1 trillion by the end of the period.
Speaking through Statistician General Adeyemi Adeniran at a DataPro International Credit Rating webinar, the minister said gross capital formation was projected to reach 40 per cent of gross domestic product, with the private sector accounting for about 72 per cent of cumulative investment.
She acknowledged the scale of the challenge. Under the preceding development plan, average real growth was 3.11 per cent against a target of 4.65 per cent, reflecting constraints including weak infrastructure, limited fiscal capacity, low productivity and exposure to external shocks.
The new strategy priorities agriculture, manufacturing, energy, logistics and digital services. Uzoka Anite said attracting capital would depend on more reliable electricity, improved transport, access to affordable finance, regulatory consistency and greater confidence in public institutions.
Recent manufacturing credit figures illustrate those pressures. The Manufacturers Association of Nigeria reported that commercial bank lending to manufacturers declined from N8.53 trillion in December 2024 to N6.61 trillion a year later, a reduction of N1.92 trillion.
Government revenue is projected to rise from 11.15 per cent of GDP in 2025 to 18.70 per cent by 2030. The capital share of public expenditure is also expected to increase from 36.03 per cent to 57.43 per cent over the same period.
The minister stressed that stronger national output would count for little without more employment, higher household incomes and improved living conditions. She said sound procurement, effective project delivery and sustainable public finances would be essential to turning the proposed figures into measurable economic gains.
