The Nigeria’s plan to unlock massive economic potentials.
By Muyiwa Ojo
The Tinubu-led APC government has emphatically declared its ambition to build a $1 trillion economy by 2030 under the Renewed Hope Agenda. To many, this promise sounds vague—neither here nor there. To some, it is dismissed as another fluke or mere cliché, just like the abandoned “Vision 2000” and “Vision 2010” of the past.
However, studying the body language of this government since 2023—vis-à-vis the bold, courageous, and sometimes audacious reforms it has pursued, coupled with the introduction of new federal ministries—one can begin to piece things together and reasonably conclude that this target is possible, provided implementation remains thorough, timely, and laser-focused on the ultimate goal.
Let’s attempt to unravel what the government has done so far—steps that may look like a mirage to many. Then we can piece them together to weigh the true possibility of achieving a $1 trillion economy.
A Simple Analogy
On November 1, 2021, a 21-storey building under construction in Ikoyi, Lagos, collapsed. The project, part of the 360 Degrees Towers by Fourscore Homes Limited, was led by developer Femi Osibona, who also died in the tragedy. At least 42 people lost their lives, with about 15 rescued.
If one were to consider rebuilding that collapsed property, no responsible authority would approve work to resume on the ruins. The entire wreck would have to be pulled down to ground zero before any new construction could begin.
In the same way, it has become clear to Nigerians and the international community that our economy has been wobbling and stumbling for decades. International companies have exited, while several local firms collapsed or went bankrupt. The previous administration’s printing of money to patch fiscal holes made matters worse. Add to this the hydra-headed monster of corruption—oil subsidy racketeering, widespread graft in ministries, departments and agencies, and the unstable, multiple foreign exchange rates—and it is no exaggeration to say Nigeria’s economy has stood on the precipice of collapse, inching towards failure.
The Tinubu-led government appears determined to break the old cycle. To borrow the famous saying: “Insanity is doing the same thing over and over and expecting different results.” In this light, the government is attempting a fresh approach to governance.
Thomas Jefferson once put it succinctly: “If you want something you’ve never had, you must be willing to do something you’ve never done.” That spirit seems to undergird the sweeping reforms underway to correct past wrongs and lay a new foundation for the future.
Major Reforms
Here is a list of key reforms designed to reset the economy and chart a new course:
1. Removal of fuel subsidy (May 2023)
2. Liberalization of the foreign exchange market (2023)
3. Unification of multiple exchange rates (2023)
4. Clearance of over $4 billion in foreign exchange backlogs (2023)
5. Tightening of monetary policy by the Central Bank of Nigeria (2023–2025)
6. Elimination of deficit monetization (2023)
7. Tax reforms, including the Nigeria Tax Act, Nigeria Tax Administration Act, Nigeria Revenue Service Act, and Joint Revenue Board Act (June 2025)
8. Increase in exemption thresholds for small companies (2025)
9. Introduction of a 5% tax credit for qualifying capital expenditure (2025)
10. Reform of revenue remittances from MDAs and Government-Owned Enterprises (December 2023)
11. Implementation of targeted cash transfer programs (2023–2025)
12. Rebasing of GDP from 2010 to 2019 (2025)
13. Adjustment of electricity tariffs to cost-reflective levels (2020–2025)
14. Promotion of the African Continental Free Trade Area (AfCFTA) to boost trade competitiveness (2020–2025)
15. Rollout of an integrated national identification system for tax compliance (ongoing)
16. Launch of the Decade of Gas initiative (2023–2025)
17. Infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline (ongoing)
18. Establishment of a student loan scheme (2024)
19. Implementation of a new minimum wage (2024)
20. Emergency repairs of key roads and bridges nationwide (2025)
21. Expansion of domestic gas networks (2023–2025)
22. Strengthening of revenue administration to raise tax-to-GDP ratio (2023–2025)
23. Removal of arbitrary tariff deviations and import bans (ongoing).
These measures are either implemented, ongoing, or in advanced planning stages—all geared towards laying the groundwork for a $1 trillion economy.
Ministries for a New Economic Frontier
To further drive economic diversification, government has also created new ministries and restructured existing ones to birth new industries and unlock fresh opportunities:
• Ministry of Marine and Blue Economy
• Ministry of Arts, Culture & Entertainment Economy
• Ministry of Tourism
• Ministry of Livestock Development
• Ministry of Agriculture and Food Security
• Ministry of Petroleum and Gas Resources
• Ministry of Solid Minerals Development
• Ministry of Steel Development
• Ministry of Communication, Innovation and Digital Economy
• Ministry of Health and Social Welfare
• Ministry of Regional Development
Each of these is a potential economic game-changer, capable of generating jobs, increasing revenues, and boosting Nigeria’s GDP.
Of particular note is the Ministry of Regional Development. By law, six regional development commissions have been established—one for each geopolitical zone—working collaboratively with states and federal MDAs. Imagine if each region set a modest target of building a $200 billion economy; collectively, that would amount to $1.2 trillion.
Tapping the Blue Economy: A Case Study
Let us take the Ministry of Marine and Blue Economy as an example. Globally, the blue economy has massive untapped potential:
1. Fisheries & Aquaculture: $100–150 billion annually
2. Maritime Transport & Ports: $500–700 billion annually
3. Coastal & Marine Tourism: $300–400 billion annually
4. Marine Renewable Energy: $200–300 billion annually
5. Marine Biotechnology: $10–50 billion annually
6. Deep-Sea Mining: $50–100 billion annually
7. Ecosystem Services: $500 billion–$1 trillion annually
Global Potential by 2030: $1.5–3 trillion annually
If Nigeria captures even 5% of this global market—especially now that the United Nations Commission on the Limits of the Continental Shelf (UN-CLCS) and International Maritime Organisation (IMO) have approved an additional 16,300 km² extension of Nigeria’s maritime territory in the Gulf of Guinea—it could generate millions of jobs and substantial revenue. Coupled with other emerging industries like tourism, entertainment, digital economy, steel, livestock, and agriculture, Nigeria is sitting on a goldmine of opportunities.
Final Thoughts
The path to a $1 trillion economy is ambitious but not impossible. The reforms, new ministries, and infrastructure drive are all geared towards unlocking Nigeria’s economic potential across its six regions, 36 states, the FCT, and 774 local governments.
It is indeed a new day, a new season, and a new beginning. If political distractions are reduced, and if government and citizens align in purpose, the trillion-dollar dream could move from rhetoric to reality.
God bless President Bola Ahmed Tinubu.
God bless Nigeria.
May Nigeria succeed.
Muyiwa Ojo can be reached through his email: *[email protected]*
