- The Minister of Budget says the Tinubu administration is confident Nigeria can reach a $1trillion economy by 2030.
- Government plans to rely on private sector investment while strengthening the EU partnership for funding support.
- Nigeria secured a credit facility to boost lending, especially in agriculture, as part of the EU’s programme.
- The EU recognised Nigeria as its largest trade and investment partner in Africa, reinforcing strategic collaboration.
Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has stated that the economic target set by President Bola Tinubu pushing Nigeria into a $1trillion economy by the year 2030 is not just a political dream but something within reach.
Bagudu made the statement in Abuja during a visit from the European Union Parliamentary Committee on Foreign Affairs, led by David McAllister. He explained that the Tinubu administration is banking heavily on collaboration with the private sector, which is expected to contribute about 86 percent of the needed investment while government focuses on creating a friendly policy environment.
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“Our President has set a clear target for Nigeria to achieve a one trillion-dollar GDP by 2030,” Bagudu said. “This is ambitious, but achievable through partnerships such as ours with the European Union.”
Bagudu also praised the EU partnership for opening doors to new funding opportunities. He revealed that the EU facilitated Nigeria’s participation in the upcoming Global Gateway Forum and helped secure a ₦320.5 billion credit line for commercial banks. The credit facility is aimed at expanding lending to agriculture and other productive sectors.
The European Union’s Global Gateway programme plans to inject €300 billion into Africa for economic development, digital advancement, climate sustainability, health, and education.
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During the visit, McAllister highlighted that Nigeria remains the EU’s biggest trade and investment partner, accounting for a significant portion of two-way trade on the continent.
Earlier, the Acting Permanent Secretary of the Ministry, Dr. Sampson Ebimaro, welcomed the delegation and acknowledged the EU’s longstanding contribution to Nigeria’s development and governance reforms.
