Governor Soludo calls for 9% annual growth to reduce poverty in Nigeria

Anambra State Governor Chukwuma Soludo has stated that Nigeria requires an annual economic growth rate of at least 9% to significantly reduce poverty and create jobs. Speaking at the 32nd Nigerian Economic Summit in Abuja, Soludo argued that the current growth rate of approximately 4% is insufficient to improve living standards at the necessary scale.

To reach a $1 trillion economy by 2030 or 2040, Soludo estimated that Nigeria would need annual growth of at least 12%. He emphasized the need to shift from a consumption-driven model to one focused on production, manufacturing, and exports. He suggested that expanding domestic production could potentially generate more than 10 million jobs.

Soludo called for increased investment rates, better food storage, improved transportation, and stronger coordination between federal, state, and local governments. He also advocated for the ‘Buy Nigeria to Grow Nigeria’ principle, encouraging citizens to support local industries to retain economic value within the country.