Nigeria’s quest to return to a high-growth trajectory hinges on deepening economic reforms and unlocking stronger private sector investment, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said, as the Federal Government targets a minimum of seven per cent Gross Domestic Product (GDP) growth by 2027–2028.
Edun made the assertion at the African Business Convention in Lagos, where policymakers, investors, and business leaders gathered to examine pathways for accelerating growth across the continent amid tightening global financial conditions and rising geopolitical uncertainty.
Represented at the event by the Permanent Secretary of the Federal Ministry of Finance, Raymond Omachi, the minister expressed confidence that Nigeria’s reform agenda is gaining traction despite external headwinds.
According to him, the country’s growth ambition is not anchored on oil revenues but on productivity-led expansion, macroeconomic stability, and private sector-driven investment capable of creating jobs and lifting millions out of poverty.
Nigeria economic reforms and private investment as growth drivers
At the heart of the government’s strategy, Edun said, is a renewed focus on Nigeria economic reforms and private investment as mutually reinforcing pillars for long-term prosperity.
He noted that the Federal Government’s reform programme, initiated in May 2023, was designed to restore credibility to macroeconomic management and create an enabling environment for businesses to thrive.
“Nigeria must return to a path of growth of at least seven per cent. That is what we are working on every day,” Edun said.
“Not oil-driven growth, but sustained, inclusive, and productivity-led growth. The foundation is being laid, the reforms are taking hold, and the ambition is unwavering.”
He added that the global economic environment remains challenging, with higher interest rates, volatile capital flows, and geopolitical tensions affecting emerging markets.
However, Edun stressed that Nigeria’s policy direction has remained consistent, allowing reforms to gain momentum.
The government’s confidence is partly underpinned by projections in the 2026–2028 Medium-Term Expenditure Framework (MTEF), which forecast real GDP growth of 4.68 per cent in 2026, rising to 5.96 per cent in 2027 and peaking at 7.9 per cent in 2028.
These projections are based on ongoing structural reforms and the expected impact of tax reforms that took effect in January.
Moving away from oil-dependent growth
Edun emphasised that Nigeria’s economic blueprint deliberately moves away from oil-dependent growth, which has historically exposed the country to price shocks and revenue volatility.
Instead, the focus is on diversifying the economy through agriculture, manufacturing, services, and technology, while improving productivity across sectors.
He explained that restoring macroeconomic stability is critical to attracting long-term private capital, especially investments that build factories, deepen value chains, and enhance skills development.
“Since May 2023, Nigeria has embarked on a coherent, disciplined, reform-oriented economic programme built on two core goals,” the minister said.
“First, to restore macroeconomic stability and credibility so private investment can thrive. Second, to rebuild government capacity so the state can invest strategically in education, healthcare, infrastructure, and human capital.”
He acknowledged that reforms often come with short-term pain, particularly for households and businesses adjusting to new policies. However, Edun maintained that these measures are necessary to correct long-standing distortions and unlock sustainable growth over the long term.
Private sector as engine of growth
Reinforcing the role of business in achieving the seven per cent growth target, Edun said the private sector remains the true engine of economic expansion, while the government’s role is to provide the right conditions for enterprise to flourish.
According to him, this includes ensuring macroeconomic stability, policy consistency, infrastructure development, and a transparent, business-friendly regulatory environment.
“The private sector is the engine of Nigeria’s goal,” he said. “The government’s role is to provide stability, infrastructure, policy consistency, and a transparent, business-friendly environment. We are seeking investment that builds factories, builds skills, transfers technology, and strengthens regional value chains.”
Edun stressed that Nigeria is not merely open for business but is actively reforming to accelerate business growth, attract patient capital, and support enterprises capable of competing globally.
Capital markets and the $1tn economy agenda
The role of capital markets in mobilising investment also featured prominently at the convention.
Chairman of the Nigerian Exchange Group, Umaru Kwairanga, said the exchange is positioned to support Nigeria’s ambition of building a $1tn economy through deeper investor participation and more efficient capital mobilisation.
Kwairanga noted that platforms such as the African Business Convention provide an opportunity to convert policy dialogue into tangible partnerships, strengthen market confidence, and build resilient financial ecosystems that support inclusive growth.
He added that a well-functioning capital market is essential for channelling savings into productive investments, particularly in infrastructure, manufacturing, and innovation-driven sectors.
Converting dialogue into action
Convener of the African Business Convention, Dr Ogho Okiti, said the forum was designed to move beyond rhetoric by translating conversations into actionable partnerships and initiatives.
According to him, Africa’s growth challenge is not a lack of ideas but persistent gaps in investment, policy coordination, and skills development.
Okiti explained that bridging these gaps requires sustained collaboration between governments, businesses, and financial institutions, with Nigeria playing a leading role given its economic size and demographic advantage.
Growth target amid reform expectations
Nigeria’s push for seven per cent growth comes at a time when businesses and households are closely watching the impact of reforms on inflation, exchange rates, and purchasing power.
While the government remains optimistic, analysts say sustained progress will depend on policy consistency, improved infrastructure delivery, and the ability to crowd in private investment at scale.
As Nigeria navigates a complex global landscape, Edun’s message at the African Business Convention underscored the administration’s belief that disciplined reforms and stronger private sector participation remain the surest path to accelerated, inclusive, and resilient economic growth.
