Setting the Stage for Economic Transformation in Nigeria

Following the election and inauguration into office of President Bola Ahmed Tinubu, the Presidential Policy Advisory Council unveiled a strategic blueprint with a specific target - propel Nigeria into a $1 trillion economy within the next 8 years and achieve an average annual GDP growth rate of 7%.

With an annual population growth of 2.6% and the projected GDP size of $1 trillion, GDP per capita is estimated to reach $3,631 by 2031. While the GDP per capita estimate is higher than the current SSA average of $1,794, it remains lower than the world average of $13,479.

Despite the efforts of previous administrations, to improve the economic prosperity of Nigerians, fundamental macroeconomic challenges such as poor policy implementation, infrastructure deficit, etc. continue to widen the gap between Nigeria’s GDP per capita level and the world average.

To bridge the gap, the current administration is tasked with the responsibility of implementing strategic reforms with long-term gains, albeit with some short-term pain.