The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has expressed confidence that the Nigerian government’s target of achieving a $1 trillion economy by 2030 is within reach.
Speaking in Abuja during a courtesy visit by the European Union (EU) Parliamentary Committee on Foreign Affairs, led by Mr David McAllister, Bagudu said the goal, though ambitious, is attainable through strategic partnerships, particularly with the European Union.
“Our President has set a clear target for Nigeria to achieve a one trillion-dollar GDP by 2030,” the minister said.
“This is ambitious, but achievable through partnerships such as ours with the European Union.”
He explained that the Nigerian government’s strategy is centred on collaboration with the private sector, which is expected to provide about 86 percent of the investment required to realise the target.
According to Bagudu, the Tinubu administration’s economic reforms have placed the country on a path of sustainable growth, with expectations of achieving double-digit growth in an environmentally responsible manner.
The minister commended the EU for its continued support and thanked the Head of the EU Delegation to Nigeria, Ambassador Gauthier Mignot, for facilitating Nigeria’s participation in the 2025 Global Gateway Forum.
He also lauded the EU for securing a ₦320.5 billion (€190 million) credit line to Nigerian commercial banks and financial institutions to enhance lending to the agricultural sector.
The EU’s Global Gateway initiative aims to invest €300 billion in Africa to promote green and digital transitions, democratic governance, sustainable economic growth, and improvements in healthcare and education.
Bagudu pledged Nigeria’s commitment to strengthening cooperation with the EU in advancing shared goals of development and prosperity.
“We believe the absorptive capacity of our economy is strong, whether in agriculture or other forms of infrastructure,” he said.
“We are committed to partnering with you and fostering mutually beneficial relationships for our people.”
In his remarks, Mr David McAllister, who led the EU delegation, noted that Nigeria remains the EU’s largest trade and investment partner, accounting for a substantial share of imports and exports between both regions.
He said the visit was aimed at promoting investment in clean energy, boosting manufacturing and industrial capacity, and expanding economic diversification beyond oil exports.
Earlier, the Acting Permanent Secretary of the Ministry, Dr Sampson Ebimaro, welcomed the delegation and commended their role in shaping Europe’s external relations and promoting global development cooperation.
He added that the visit provided an opportunity for both sides to strengthen collaboration and tackle shared priorities for sustainable growth.
