…Says Tinubu’s reforms have set economy on growth path
By Babajide Komolafe, Economy Editor
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has expressed confidence that Nigeria can achieve President Bola Tinubu’s $1 trillion Gross Domestic Product (GDP) target by 2030.
Speaking in Abuja during a courtesy visit by the European Union (EU) Parliamentary Committee on Foreign Affairs, led by Mr. David McAllister, Bagudu described the goal as ambitious but achievable through strategic partnerships with key development allies such as the EU.
“Our President has set a clear target for Nigeria to achieve a $1 trillion GDP by 2030,” he said. “This is ambitious, but achievable through partnerships such as ours with the European Union.”
The minister explained that the federal government’s economic plan relies heavily on private sector participation, which is expected to provide 86 per cent of the required investments. He added that the Tinubu administration aims to attain double-digit growth in a sustainable and inclusive manner, driven by ongoing reforms that have set the economy on a stable growth trajectory.
Bagudu commended the EU for its support, especially the facilitation of Nigeria’s participation in the 2025 Global Gateway Forum and the provision of a €190 million (?320.5 billion) credit line to Nigerian banks to expand agricultural financing.
He noted that the EU’s €300 billion Global Gateway initiative will further promote green, digital, and sustainable economic transformation across Africa.
Bagudu pledged closer cooperation with the EU to advance shared prosperity, saying: “Nigeria’s absorptive capacity is strong — in agriculture and infrastructure — and we are committed to mutually beneficial partnerships.”
Mr. McAllister reaffirmed Nigeria’s status as the EU’s top African trade partner and said the visit aimed to strengthen investment in clean energy, industrial growth, and diversification beyond oil.
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