Nigeria’s Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, has said the private sector will need to drive about 95 per cent of the country’s economic growth if Nigeria is to achieve its target of becoming a $1 trillion economy by 2030.
Uzoka-Anite made this known on Monday while resuming duties at the Federal Ministry of Budget and Economic Planning in Abuja, stressing that the government would only contribute about five per cent to the country’s development efforts.
According to her, sustainable economic expansion will largely depend on strong private sector investments, innovation, and enterprise growth across key sectors of the economy.
She emphasised that the administration’s Renewed Hope Agenda must therefore be anchored on private sector leadership if the country hopes to achieve long-term economic transformation.
“The private sector will have to drive about 95 per cent of the country’s economic development. Government alone can only contribute roughly five per cent,” Uzoka-Anite said.
She explained that creating an enabling environment for businesses, improving policy implementation, and strengthening investor confidence would be central to achieving the ambitious economic target.
Uzoka-Anite expressed confidence that ongoing economic reforms introduced by President Bola Tinubu were already laying the foundation required to support large-scale private sector participation in national development.
“I have no doubt that Mr. President can achieve the $1tn economy as he has started by laying the foundation for that to happen through the introduction of economic reforms and the implementation of the National Development Plan,” she stated.
The minister noted that Nigeria’s long-term development plans are designed to attract investments, encourage productivity, and expand opportunities for businesses to contribute meaningfully to economic growth.
Earlier, the Minister of Budget and Economic Planning, Abubakar Bagudu, also highlighted the importance of policy coordination among the federal, state, and local governments in driving national development.
According to him, collaboration across all tiers of government will be critical to ensuring that economic policies translate into real development outcomes.
Bagudu pointed out that state governments currently account for about 48 per cent of total public expenditure in Nigeria, making their participation in development planning essential.
“State governments account for about 48 per cent of public expenditure in the country, which makes coordination across the federal, state, and local governments very important in achieving national development targets,” he said.
He explained that discussions at recent meetings of the National Economic Council had identified several priority areas aimed at accelerating economic growth.
These priorities include stronger coordination among governments, increased investment in security, improved infrastructure financing, and stricter enforcement against illegal activities in the extractive sector.
“The National Economic Council identified key policy priorities aimed at accelerating national development, including improved coordination among federal, state, and local governments,” Bagudu said.
Bagudu reaffirmed the Federal Government’s commitment to achieving the $1 trillion economy target by 2030, noting that the goal would require Nigeria to sustain an average annual economic growth rate of about seven per cent.
He added that the forthcoming National Development Plan for 2026 to 2030 would guide policy reforms, investment priorities, and development initiatives required to support the country’s economic expansion.
According to him, the Ministry of Budget and Economic Planning plays a central role in coordinating national development strategies, harmonising fiscal and economic policies, advising the President, and overseeing development programmes across all tiers of government.
Bagudu also noted that the ministry continues to coordinate international development partnerships aimed at supporting Nigeria’s economic growth.
He cited the recent upgrade of Nigeria’s bilateral relations with China to a comprehensive strategic partnership, which has already produced several cooperation agreements focused on economic development and investment opportunities.
