Investor Confidence in Institutions Crucial for Nigeria's $1 Trillion Economy Target - Uzoka-Anite

The Minister of State for Finance, Dr. Doris Uzoka-Anite, has stated that President Bola Tinubu's $1 trillion economy ambition will be driven not solely by government action, but by investor confidence in Nigeria's institutions and entrepreneurs empowered with access to capital and markets.

She also emphasised that achieving the targeted milestone depends on the skills of young Nigerians who find opportunity rather than frustration, and the informed engagement of citizens who understand the nation's economic direction.

The minister spoke at the 2025 annual general meeting of the Finance Correspondents Association of Nigeria (FICAN) in Abuja, with the theme, "Actualising President Bola Ahmed Tinubu's $1 Trillion Economy Agenda."

Represented by the Assistant Director, Information and Public Relations at the Federal Ministry of Finance, Mrs. Uloma Nneka Amadi, Uzoka-Anite argued that Tinubu's economic agenda would not be built through government action alone.

"It will be built through the confidence of investors who trust our institutions, the productivity of entrepreneurs who can access capital and markets, the skills of young Nigerians who find opportunity rather than frustration, and the informed engagement of citizens who understand what their country is trying to do and why," she said.

She noted that the theme represented a specific, measurable destination rather than just a slogan.

"Nigeria's GDP currently sits at approximately $375 billion. To reach $1 trillion requires sustained GDP growth of between 10 and 12 per cent annually over the coming decade. That is an ambitious target, and this administration is not shy about saying so. Ambitious targets are what move nations," Uzoka-Anite stated.

She explained that when the administration took office in 2023, Nigeria's economic fundamentals were structurally distorted. "The fuel subsidy was consuming over N5 trillion annually—money that could not be directed toward roads, schools, or hospitals. Our foreign exchange market operated through a regime of multiple windows that rewarded rent-seeking over genuine investment. Investors could not trust the signals our market was sending."

The minister highlighted that the President made two politically difficult decisions: the removal of the fuel subsidy and the unification of the exchange rate. "Both decisions imposed short-term pain. Neither decision has been reversed. Today, those reforms are being vindicated by the data," she added.

She cited that in January 2026, S&P Global Ratings revised Nigeria's outlook to positive, affirming the country's B-/B credit ratings and citing measurable improvements across external, fiscal, monetary, and economic trajectories.

Uzoka-Anite disclosed that Nigeria currently imports approximately 70 per cent of raw materials used to produce industrial goods, noting that "we are not controlling the long-run cost structure of our own economy."

On the international front, she recalled that Nigeria was removed from the Financial Action Task Force (FATF) grey list last year, recognising that the country had strengthened its anti-money laundering and counter-terrorism financing frameworks to global standards.

"This matters because it directly reduces the compliance costs foreign investors face when engaging with Nigerian institutions. Capital flows more freely to countries that international regulators trust," she explained.

She also disclosed that the country had submitted Nigeria's ECOWAS Tariff Offer to the AfCFTA Secretariat, establishing zero duties on 90 per cent of goods traded within the continent.

In its presentation, the Bureau of Public Enterprises (BPE) disclosed that it is working closely with the Office of the Attorney General of the Federation to resolve long-standing litigation and arbitration matters.

The privatisation agency restated its commitment to repositioning public enterprises as primary engines of productivity and value-creation to achieve Tinubu's $1 trillion economy vision.

BPE Director General, Ayodeji Gbeleyi, represented by the Director of Industries and Services, Dr. Toibudeen Oduniyi, stated that Nigeria is undergoing one of its most transformative economic periods.

The BPE has an approved work plan for 2026, comprising 15 strategic projects with projected revenue of N189.1 billion to the national treasury. According to Gbeleyi, these projections reflect the agency's deliberate effort to contribute to fiscal consolidation, reduce reliance on debt financing, and support government capital expenditure priorities.

He said the 2026 portfolio includes the proposed commercialisation of two from the 10 National Integrated Power Plants (NIPPs), public listing of shares of a distribution company on the Nigerian Exchange Limited, concession of Oyan Dam, and asset optimisation initiatives in the oil and gas sector.

"Beyond revenue, these transactions are structured to enhance operational efficiency, unlock stranded value, attract domestic and foreign investments, deepen the capital market, and stimulate job creation," Gbeleyi stated.

He added that the Bureau continues to drive other reform initiatives such as the Distribution Sector Recovery Programme towards bridging the country's metering gap and strengthening distribution network infrastructure, as well as developing and upgrading strategic infrastructure through Public-Private Partnership.

On resolving legacy issues, Gbeleyi stated that a central pillar of BPE's strategy involves clearing historical hurdles that previously deterred investors, working closely with the Attorney General's office on long-standing litigation and arbitration matters. He noted that the adoption of alternative dispute resolution mechanisms was already yielding financial and relational benefits, providing the policy stability required to attract global capital.