Nigerian President Bola Tinubu on Wednesday set an annual economic growth target of 7% by 2027, with the ambition to lift millions of Nigerians out of poverty and quadruple the size of the economy by 2030.
When Tinubu came to power in 2023, he had set a growth target of 6%. Since then, he has ended petrol and electricity subsidies and devalued the naira twice to revive Nigerian production, which has been at half-mast for ten years.
However, these measures have triggered the worst cost-of-living crisis in a generation and have yet to accelerate growth.
This economy nevertheless grew by 3.13% in the first quarter, stimulated by a downward revision of its gross domestic product.
While it was reassessed at around $243.55 billion, growth remained below expectations.
President Tinubu, addressing the federal cabinet, said the reforms have boosted macroeconomic stability and investor confidence.
This, while regretting the brake constituted by the weakness of public savings. Public investment is estimated at 5% of gross domestic product.
A development dynamic that Bola Tinubu hopes to maintain by optimizing each available naira.
He also ordered the review of revenue retention and deductions from the federal account, including fees levied by tax administration agencies, customs and the national oil company NNPC Ltd.
The World Bank forecasts Nigerian economic growth of 3.6% this year and 3.8% in 2027.
