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Nigeria pursues trillion-dollar economy amid cost-of-living

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2026-10-25 13:40 UTC → 2026-10-25 20:40 UTC · added ~~removed~~

Nigeria pursues trillion-dollar economy amid ~~cost-of-living]~~ cost-of-living

Nigeria is advancing strategic frameworks to achieve a $1 trillion economy by 2030, focusing on infrastructure, human capital, and increased production. While macroeconomic indicators show positive trends—including GDP growth exceeding 4% and external reserves surpassing $54 billion—a disconnect persists between these gains and the daily financial struggles of citizens. High costs for food, energy, and transportation continue to impact millions of households. In response to rising living costs, the National Economic Council (NEC) endorsed a 90-day action plan in October 2026. Chaired by Vice President Kashim Shettima, the plan prioritizes food affordability, tax harmonization, the completion of high-impact projects, and the removal of investment barriers. To ensure transparency, a national dashboard will monitor project implementation and the use of funds from fuel subsidy removals. The Council also resolved to establish a joint financing framework for Compressed Natural Gas (CNG) and electric vehicles to lower commuter fares. To ~~bolster~~ drive growth, the ~~private~~ government is prioritizing energy infrastructure. Real GDP expansion targets range from 4.1% per the IMF to 7% projected by the Lagos Chamber of Commerce and Industry. Achieving these depends on increasing crude oil production and securing infrastructure in the Niger Delta. In the gas sector, N1.6 trillion in private investment has supplemented N671 billion in public funding, with the AKK Gas Pipeline reaching 95% completion. Nigeria aims to transition to a “willing-buyer, willing-seller” gas market by September 2028. Finance Minister Taiwo Oyedele has also reaffirmed support for small and medium-sized enterprises (SMEs), noting that high-potential businesses require “patient capital, experienced investment partners, and networks” to scale. The government is leveraging ~~initiatives such as~~ the Development Bank of Nigeria and the $618 million Investment in Digital and Creative Enterprises (iDICE) programme to ~~drive~~ bolster this growth. Despite these efforts, international bodies like the IMF have urged the government to strengthen targeted income support to combat rising poverty. Additionally, civil society groups have argued that current growth rates remain insufficient to tackle widespread food insecurity and poverty. sector.

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