The Manufacturers Association of Nigeria (MAN) has stated that realising Nigeria’s desire to achieve a $1 trillion economy in 2030 would require strategic transformation of the foundational structure of the Nigerian economy, particularly the industrial sector, and sustained annual GDP growth rate of 7.0 per cent.
This was stated by the Director General of MAN, Segun Ajayi-Kadir, in his response to THISDAY’s question on whether Nigeria could achieve the projected $1 trillion economy in 2030.
Ajayi-Kadir said that achieving $1 trillion economy by 2030 is ambitious but a technically attainable goal over the medium to long term. He, however, said that “achieving this target is not a matter of arithmetic growth.
It demands a strategic transformation of the economy’s foundational structure, particularly the industrial sector.
“With the newly rebased nominal GDP at $243 billion, reaching the $1 trillion threshold by 2030 would require consistent nominal growth between 12 per cent and 14 per cent annually (assuming currency stability), or real GDP growth between 6.0 per cent and 7.0 per cent per annum, a figure that is nearly double the current real growth rate of 3.38 per cent recorded in 2024.”
