Nigeria Eyes 7% Growth as Economic Team Unveils New Development Blueprint
Nigeria’s Economic Management Team (EMT) has unveiled an ambitious new roadmap aimed at accelerating the country’s economic recovery and charting a path toward inclusive growth, as macroeconomic indicators begin to show signs of stability.
At a high-level strategy session in Abuja on Monday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said recent economic data points to a narrowing budget deficit and improved fiscal revenues — encouraging signs that Nigeria’s economic reforms are beginning to yield results.
“The recent upgrade in Nigeria’s credit rating is a clear, objective indication that things are moving in the right direction,” Edun noted, citing it as a vote of confidence in the country’s reform agenda by the international community.
The Minister praised the Central Bank of Nigeria (CBN) for its role in stabilizing the external sector, highlighting reforms such as a more transparent exchange rate system and a significant increase in foreign reserves, which reached $23 billion in 2024. He further noted the dramatic narrowing of the exchange rate premium from 65% in 2023 to just 1% this year as evidence of progress.
“High commendation goes to the Central Bank — not just for results, but for the clarity and transparency of their actions,” Edun stated.
Despite global economic uncertainty and challenges such as falling oil prices, the EMT stressed the importance of ramping up private sector participation and job creation. Edun urged all public agencies to adopt data-driven, evidence-based policymaking to better target interventions and ensure efficient use of resources.
The EMT has set a medium-term growth target of 7%, with a focus on policies that will boost Nigeria’s GDP and improve sovereign credit ratings to lower borrowing costs. Key components of the new strategy include unlocking pension funds for infrastructure projects, raising oil production, reducing crude production costs, and promoting both local and foreign investments.
Technology and telecommunications were also spotlighted as major drivers of future growth. The EMT acknowledged the rapid progress in telecom infrastructure, with projections that the sector will make strong contributions to GDP in the coming quarters. It also identified technology as a catalyst for agricultural transformation and broader economic diversification.
Another critical area of focus was poverty reduction. The EMT discussed plans to disaggregate poverty data to enable better targeting of economic opportunities and improve the effectiveness of government spending.
As the EMT prepares to present the revised economic roadmap to President Bola Tinubu, the government is reinforcing its commitment to structural reforms, macroeconomic stability, and inclusive development. If successful, the strategy could mark a turning point in Nigeria’s economic trajectory — with potential to significantly uplift millions of citizens and reposition the country as a leading emerging market economy.
