Tinubu targets inclusive $1tn economy by 2030
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said the administration of President Bola Tinubu is committed to building an inclusive, sustainable and innovation-driven economy as part of
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said the administration of President Bola Tinubu is committed to building an inclusive, sustainable and innovation-driven economy as part of efforts to transform Nigeria into a $1 trillion economy by 2030.
A statement from the ministry said Bagudu made this remark on Tuesday in Abuja during the inaugural Annual Advocacy Lecture organised by the Nathaniel Atebije Foundation for Planning Advocacy, where he spoke on the importance of proper planning in driving national development and economic growth.
According to the minister, the current administration believes development must benefit all Nigerians, remain sustainable over time, and adapt to changing realities and modern innovations.
“Development must include everyone, it must be sustainable over time, and it must embrace innovation, because what worked yesterday may not work today,” Bagudu told participants at the event.
He explained that the federal government is currently finalising the 2026 National Development Plan, which he described as a major component of the administration’s economic strategy to expand Nigeria’s economy to $1 trillion within the next five years.
The minister admitted that Nigeria still faces major economic and social challenges but insisted that the government remains focused on pursuing policies that will move the country forward.
“Nigeria is not where we want to be, but we are determined to move forward with clear choices and a shared vision to unite all Nigerians toward achieving a $1 trillion economy,” he said.
Bagudu noted that achieving such a large economic target requires a collective effort from government institutions, private-sector players, professionals, academics, and other stakeholders across the country.
“This goal cannot be achieved in isolation. It requires deep thought, collaboration, and contributions from all sectors of our society,” he added.
The minister stressed that national development goes beyond economic policies alone and must include proper coordination in areas such as infrastructure, land management, environmental protection, social development and financial planning.
According to him, one of the major factors affecting peace and development in many parts of Nigeria is poor physical planning and weak management of land and community spaces.
Bagudu said many of the recurring conflicts involving farmers, herders and communities are linked to how land and resources are managed.
“Many of the conflicts we face today stem from how we use land and space. Poor planning breeds tension, while good planning fosters peace and prosperity,” he stated.
He explained that badly managed urban and rural spaces often create tension among communities and worsen insecurity, making it necessary for governments at all levels to adopt more organised and people-focused planning systems.
“Planning is not just about land or infrastructure; it is about people and how they live together,” the minister said.
Bagudu also linked the government’s planning priorities to President Tinubu’s Renewed Hope Agenda, which he said seeks to unite Nigerians around a common vision for economic progress and national stability.
He urged Nigerians to focus less on past challenges and direct more attention toward practical solutions capable of improving the future.
“Rather than spend all our energy debating the past, we must focus on what unites us and drives collective action for the future,” he said.
The minister also stressed the importance of stronger cooperation among the federal, state and local governments in implementing development programmes and planning initiatives.
“Development is a shared responsibility. Federal, state, and local governments must collaborate to ensure planning is inclusive and effective,” he added.
Bagudu further warned that rapid population growth and technological change are creating new pressures that require smarter, more proactive planning systems.
“As our population grows and technology reshapes our world, we must plan more intelligently and proactively to meet emerging demands,” he said.
The minister maintained that Nigeria’s long-term economic growth, social stability and peace will depend largely on how effectively the country manages its physical and economic environment.
“If we get our planning right—by being inclusive, sustainable, and innovative—we will create opportunities for all Nigerians and build a more prosperous and united nation,” he stated.
