Nigeria would need compound nominal economic growth of about 28.02 per cent annually to expand from an estimated 2025 Gross Domestic Product of $290.79 billion to $1 trillion by 2030, according to Chartered Institute of Directors Nigeria President Adetunji Oyebanji.
Oyebanji made the estimate while delivering the keynote address at the 42nd Omolayole Management Lecture in Lagos.
He described the required growth rate as exceptionally ambitious and said it would demand structural transformation rather than incremental policy changes.
Oyebanji identified unreliable electricity, infrastructure gaps, oil-sector inefficiencies, foreign-exchange volatility, insecurity, weak revenue mobilization, policy inconsistency and human-capital deficits as major constraints.
He argued that natural resources alone would not produce a trillion-dollar economy without stronger institutions, regulatory certainty and sustained private investment.
The CIoD president said reforms in monetary policy, tax administration and petroleum regulation could support investment and fiscal stability if implemented consistently.
He identified oil and gas, agriculture, agro-processing, manufacturing, technology, infrastructure, solid minerals, services and the creative economy as important growth sectors.
Oyebanji proposed a broad reform agenda covering macroeconomic stability, institutional strengthening, predictable regulation, infrastructure, revenue mobilization, industrialization, human-capital development, technology and the rule of law.
He also stressed that the success of the $1 trillion target should ultimately be measured not only by the headline size of the economy but by improvements in productivity, income and living standards.
Michael Omolayole, in whose honour the lecture series was established, said Nigeria could eventually build an even larger economy if it successfully tackled chronic weaknesses in manufacturing and electricity supply.
