By Providence Ayanfeoluwa
Nigeria would require a minimum annual growth rate of 21.9 percent at an exchange rate of N1,500/$ or stronger exchange rate at a slower growth rate to attain $1 trillion economy valuation by 2031, Afrinvest West Africa Limited has predicted.
Afrinvest projected this in in its 20th Nigeria Banking Sector Report 2025 entitled, ‘ACT-BOLD: Beyond a Trillion Dollar Economy’.
According to the report, “Based on the outcome of the rebased GDP, which put Nigeria’s nominal size in 2024 at N372.8 trillion (equivalent to $251.0 billion using average FX rate of N1,484.99/$) versus N277.5trillion under the old base year (implying a 34.4 percent jump), Nigeria would require a minimum annual growth rate of 21.9% at an exchange rate of N1,500/$ or a much stronger exchange rate at a slower growth rate to attain N1trillion economy valuation by 2031.
“To close these gaps and reposition Nigeria for a leap forward (notably, the $1tn economy size target), we propose that the administration adopt the philosophical mantra of “ACT-BOLD” – a framework for reengineering Nigeria’s economic fortunes through decisive, transparent, and reform-driven governance.”
The report indicated that despite the President Bola Tinubu administration’s confidence that the banking industry will support the $1tn economy target realisation, there was a need to address longstanding impediments that constrain broad-based growth potential.
The report unveiling which also marked Afrinvest’s 30 years of operations, attracted financial sector stakeholders and market leaders.
Speaking during the unveiling, Group Managing Director, Afrinvest West Africa Limited, Dr Ike Chioke, described the company’s 30 years of operations as a journey of resilience, innovation, and leadership meant to shape Nigeria’s financial markets. He said the Banking Sector Report, first published in 2006, remained a trusted compass for policymakers, investors and financial institutions navigating the changes in Nigeria’s economy.
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