Nigeria targets $1 trillion economy by 2030 amid investment shifts

Nigeria is pursuing an ambitious goal to reach a $1 trillion GDP by 2030 under its Renewed Hope Development Plan. To achieve this, the economy must significantly increase annual growth, potentially requiring rates of 10–12 per cent to lift 35 million people out of poverty and create 21 million new jobs.

Recent data from the National Bureau of Statistics shows a significant rise in capital importation, reaching $10.37 billion in the first quarter of 2026, an 83.83 per cent increase from the same period in 2025. However, the composition of this capital remains heavily skewed toward portfolio investment, which accounted for 95.09 per cent ($9.86 billion) of the total. In contrast, Foreign Direct Investment (FDI), which is linked to infrastructure and job creation, contributed only $135.08 million, or 1.3 per cent of the total.

In response to these economic dynamics, stakeholders in the technology and investment sectors are calling for more “patient capital” and blended financing. At the Innovation Makers Challenge 2.0 Conference, experts emphasized the need for stronger commercial partnerships and infrastructure to help startups move from pilot stages to scalable, commercially viable enterprises across sectors such as agriculture, healthcare, and climate change.