Industrial-led development key to $1trn economy target — Manufacturers.
In order to achieve Nigeria’s aspiration to become a $1 trillion economy by 2030, the Manufacturers Association of Nigeria (MAN) has tasked the federal government to prioritise industrial-led development. Director General of MAN, Segun Ajayi-Kadir, who gave the charge in a chat with Vanguard, said that industrial transformation must be the anchor of Nigeria’s economic strategy, if the target must be met.
“To make a credible path to a $1 trillion economy, Nigeria must prioritise an industrial-led development model. This requires a deliberate and strategic revival of industrial output, with a particular focus on high-value-added and exportable manufactured goods, supported by unmitigated government patronage. Reliable and affordable energy supply must be central to this effort; without stable and cost-effective electricity, the manufacturing sector cannot thrive and contribute meaningfully to the GDP,” he stated.
On the latest rebasing of Nigeria’s GDP by the National Bureau of Statistics (NBS), Ajayi-Kadir said: “The federal government’s aspiration for Nigeria to become a $1 trillion economy by 2030 is an ambitious but technically attainable goal over the medium to long term.”
According to him, with the newly rebased nominal GDP at $243 billion, reaching the $1 trillion threshold by 2030 would require consistent nominal growth of 12–14 percent annually, assuming currency stability, or real GDP growth of 6–7 percent per annum, a figure that is nearly double the current real growth rate of 3.38% as recorded in 2024.
Ajayi-Kadir lamented that the GDP rebased figure indicates that the nation’s economic expansion is not backed by productive transformation. “The rebasing exercise, while statistically necessary, may obscure some of the economy’s deep-rooted challenges. Industrial output remains largely declining. Following the rebasing, the industrial sector’s share of GDP dropped from 27.65% in the 2010 base year to 21.08% in the 2019 base year.
Source: Vanguardngr