Nigeria Can Achieve $1 Trillion Economy Target By 2030 - Minister Bagudu Tells Eu

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has expressed confidence in Nigeria's ability to achieve a $1 trillion economy by 2030 through partnerships with groups like the European Union. His comments came during a meeting with the EU Parliamentary Committee on Foreign Affairs in Abuja.

“Our President has set a clear target for Nigeria to achieve a one trillion-dollar GDP by 2030,” Bagudu told the EU committee, emphasising: “This is ambitious, but achievable through partnerships such as ours with the European Union.”

The Minister highlighted that the government's strategy hinges on the private sector, which is expected to contribute 86% of the investment needed to achieve the $1 trillion economy goal. The administration is confident of achieving double-digit, environmentally sustainable growth by 2030.

He expressed appreciation to the Head of the EU delegation to Nigeria, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the 2025 Global Gateway Forum and for securing a credit line of N320.5 billion (€190 million), allocated to Nigerian commercial banks and financial institutions to increase lending to the agricultural sector.

The EU’s global gateway project plans to invest 300 billion euros in Africa to support a green, democratic, and digital transition, sustainable economic development, partnerships, health care, and education.

The European Union's leading position as Nigeria's largest trade and investment partner, responsible for a significant share of the country's imports and exports, was highlighted by EU official David McAllister.

Earlier, the Acting Permanent Secretary of the Ministry, Dr Sampson Ebimaro, welcomed the delegation and appreciated their extensive experience and diverse roles in shaping Europe’s external relations, promoting democratic governance, and advancing global development cooperation.