Investment research and advisory firm Afrinvest has cast doubt on President Bola Tinubu’s ambitious projection that Nigeria’s economy would quadruple to $1tn by 2030, citing inflation, low oil output, and persistent power sector challenges as major obstacles.
At the recently concluded BRICS summit in Brazil, President Tinubu declared that Nigeria’s real GDP growth would reach 7.0 per cent by 2027 and that by 2030, the economy would expand fourfold from its current size of $251.0bn to $1.0tn.
The projection followed the rebasing of Nigeria’s GDP and the series of economic reforms rolled out since mid-2023.
According to report, the rebased figures put the country’s nominal Gross Domestic Product for 2024 at N372.8tn, representing a 34.4 per cent improvement over the pre-rebased figure of N277.5tn. In real terms, GDP was estimated at N217.8tn.