UBA GMD Says Nigeria Needs Double-Digit GDP Growth to Hit $1 Trillion Economy Target

Naija247News reports that the Group Managing Director of United Bank for Africa (UBA), Oliver Alawuba, has stated that Nigeria must achieve consistent double-digit Gross Domestic Product (GDP) growth to realistically attain the ambitious goal of becoming a $1 trillion economy in the near future.

Naija247news gathered that Alawuba made this remark during a panel discussion at the UBA Africa Economic Outlook event, held in Lagos on Friday. He emphasized that while Nigeria has significant economic potential, the current pace of growth is insufficient to meet such a lofty economic benchmark.

According to Naija247news, the UBA chief noted that for Nigeria to transition from a developing to a globally competitive economy, there must be deliberate and bold reforms across critical sectors including infrastructure, energy, education, and technology. He warned that single-digit growth rates will only prolong the journey toward economic transformation.

Naija247news understands that Nigeria’s GDP growth rate has hovered between 2% and 3% in recent years, largely constrained by insecurity, inconsistent policy frameworks, and infrastructural deficits. Alawuba argued that unless decisive steps are taken to address these structural bottlenecks, the dream of a $1 trillion economy will remain a mere aspiration.

Naija247news reports that Alawuba also highlighted the importance of private sector involvement and regional trade integration through the African Continental Free Trade Area (AfCFTA), noting that Nigeria must leverage its population size, youthful workforce, and natural resources to drive export-led growth.

“Achieving a $1 trillion economy is not impossible, but it requires coordinated policies, fiscal discipline, and a conducive environment for investors,” Alawuba was quoted as saying. “We must be intentional about driving growth across agriculture, manufacturing, and digital innovation to expand our economic base.”

Naija247news gathered that the event also featured contributions from economists, policymakers, and business leaders, many of whom echoed Alawuba’s position on the need for accelerated economic reforms. They emphasized that attracting foreign investment and boosting local production are critical to enhancing GDP performance and ensuring sustainable development.