Nigeria’s Minister of Finance, Wale Edun, has revealed that the federal government is setting its sights on a 7% Gross Domestic Product (GDP) growth rate, surpassing the 4.6% projection by economic analysts. The ambitious target aligns with the administration’s broader strategy to drive economic transformation and reduce poverty.
Thank you for reading this post, don't forget to subscribe!Naija247news gathered that Edun made the disclosure while outlining the government’s economic agenda, emphasizing that structural reforms and increased investments will be key to achieving the target. He noted that President Bola Tinubu’s administration is committed to stimulating growth across multiple sectors, particularly agriculture, manufacturing, and technology.
According to Naija247news, Edun highlighted key policy measures aimed at accelerating economic expansion, including fiscal incentives for businesses, improved infrastructure development, and targeted interventions in the financial sector. He stated that a combination of foreign direct investments (FDIs) and local capital mobilization would be essential in pushing Nigeria toward the 7% growth benchmark.
Naija247news reports that despite the current economic challenges, including inflationary pressures and currency fluctuations, the government remains optimistic about achieving its ambitious growth plan. Edun stressed that enhancing productivity and fostering a business-friendly environment would be critical in sustaining economic momentum.
Naija247news understands that some economic experts have expressed cautious optimism about the government’s target, citing the need for structural stability and stronger policy implementation. While Nigeria’s economy has shown resilience, analysts believe that addressing issues such as revenue leakages, unemployment, and insecurity will be crucial in sustaining long-term growth.
The finance minister also reiterated the government’s commitment to diversifying the economy, reducing dependence on crude oil revenues, and expanding non-oil exports. He pointed out that sectors like digital innovation, renewable energy, and agro-processing present significant opportunities for growth if properly harnessed.
As Nigeria pushes towards its 7% GDP growth ambition, stakeholders will be closely monitoring policy execution and economic indicators to assess the feasibility of the target. With ongoing reforms and increased investor confidence, the country’s economic trajectory remains a focal point for both local and international observers.
