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There are divergent views about Nigeria’s ability to attain a $1 trillion economy by 2030. I am still optimistic, as it is too early to conclude that it won’t be achievable. Nigeria’s economy has shown signs of improvement and potential for more growth. President Tinubú’s economic policies are gradually paying off despite not having any significant positive impact on the standard of living of Nigerians at the moment.
According to the National Bureau of Statistics, Nigeria’s gross domestic product grew by 3.19 percent in the second quarter of 2024 which is higher than the 2.51 percent recorded in the second quarter of 2023 and the 2.98 percent recorded in the first quarter of 2024. With Nigeria’s GDP standing at $384 billion, a GDP growth rate of 3.19 percent is seemingly too low if Nigeria is to attain a $1 trillion GDP by 2030.However, the NBS is in the process of rebasing Nigeria’s GDP.
Nigeria’s debt service-to-revenue ratio dropped from 97 percent to under 70 percent under the watch of the current administration. There is still a lot of work to be done, as it is far higher than the 22.5 percent prescribed by the World Bank. However, it has freed up resources for the government to invest more in infrastructure, healthcare, education, security, and other sectors of the economy. These investments will increase the growth of the GDP.
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