FG targets 10–12% annual growth to achieve $1trn economy
The Federal Government has said Nigeria must record sustained annual economic growth of between 10 and 12 per cent over the next decade to achieve its goal of building a
- ... MREIF records ₦10bn mortgages every month
The Federal Government has said Nigeria must record sustained annual economic growth of between 10 and 12 per cent over the next decade to achieve its goal of building a one trillion dollar economy.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, disclosed this on Wednesday in Abuja at the Annual Conference of the Finance Correspondents Association of Nigeria.
Uzoka-Anite said the target set by President Bola Tinubu is bold but achievable with discipline and commitment.
“To reach $1 trillion requires sustained GDP growth of between 10 and 12 percent annually over the coming decade,” she said.
She admitted that the goal is not an easy one but insisted that it is necessary for Nigeria’s long-term prosperity.
“That is an ambitious target, and this administration is not shy about saying so. Ambitious targets are what move nations,” she stated.
According to her, the one trillion dollar economy plan is not just political talk but a clear economic destination backed by measurable steps.
“Actualizing President Bola Ahmed Tinubu's $1 Trillion Economy Agenda is not a slogan. It is a specific, measurable destination. Nigeria's GDP currently sits at approximately $375 billion,” she said.
The minister also announced that Nigeria has submitted its ECOWAS Tariff Offer to the AfCFTA Secretariat, creating zero duties on 90 per cent of goods traded within Africa. She said this move will open Nigeria to a continental market of 1.4 billion people with a combined GDP of over three trillion dollars.
“A binding commitment to a market of 1.4 billion people with a combined GDP of over $3 trillion is not a gesture. It is a strategic repositioning. When global trade routes become contested, as they are today, regional corridors become the most reliable alternatives. Nigeria is deliberately placing itself at the center of that alternative,” Uzoka-Anite said.
She added that achieving the one trillion dollar economy will require more than government action alone.
“President Tinubu's $1 trillion economy agenda will not be built through government action alone. It will be built through the confidence of investors who trust our institutions, the productivity of entrepreneurs who can access capital and markets, the skills of young Nigerians who find opportunity rather than frustration, and the informed engagement of citizens who understand what their country is trying to do and why,” she explained.
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In his address at the same event, the National Coordinator of the Ministry of Finance Real Estate Investment Fund (MREIF), Mr. Sani Yakubu, said the housing sector is already showing strong signs of growth under the current reforms.
Yakubu disclosed that since March, the MOFI Real Estate Investment Fund (MREIF) has delivered more than 1,000 mortgages valued at over ₦75 billion. He explained that the fund works with the private sector but receives support from government-backed initiatives.
He revealed that the programme has one trillion naira worth of projects registered with the Securities and Exchange Commission, to be released in phases. The first tranche of ₦250 billion was successfully raised by March 2025.
According to him, 20 financial institutions, including 10 commercial banks and 10 mortgage banks, are currently participating in the programme to provide mortgages to Nigerians.
“For the first time in the history of Nigeria, 10 billion naira worth of mortgages have been done month to month since March,” Yakubu said.
“Since March, we have been doing an average of 10 billion every month in mortgages,” he added.
He gave an example of A.G. Mortgage, a 21-year-old institution, which recorded ₦6.7 billion in mortgage transactions between March and December last year.
“The business it did from March of last year to December is more than all the business it did in its 20 years of existence,” Yakubu said.
He described the development as a sign that the reforms in the housing finance sector are beginning to yield strong results, with increased access to mortgages and improved investor confidence in the real estate market.
