FG Projects 7% Economic Growth by 2028, Says Minister

The Federal Government is targeting sustained economic growth of at least seven per cent by 2027–2028, Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, has said, despite IMF and World Bank projections of five per cent growth for this year. He attributed the goal to ongoing macroeconomic and structural reforms aimed at restoring stability, boosting productivity, and deepening inclusion.

Speaking at the African Business Convention, Edun emphasized that global trade and investment dynamics are shifting, with rising protectionism and fragmented supply chains, making domestic reforms crucial for Nigeria to build economic resilience. He noted that many African countries now spend more on debt servicing than they receive in development aid, highlighting the urgency of productivity-led growth.

Edun outlined that since May 2023, Nigeria has embarked on a disciplined reform programme focused on restoring macroeconomic stability and rebuilding government capacity to strategically invest in long-term growth drivers such as education, healthcare, infrastructure, and human capital. He also highlighted reforms in the foreign exchange market, tax administration, power, energy, logistics, and industry as key measures driving investor confidence.

The minister stressed that the government’s reforms, while challenging and sometimes painful in the short term, are necessary for sustainable expansion. Social interventions, including direct cash transfers, have cushioned vulnerable households, with over eight million already reached and a target of 15 million, ensuring that growth is inclusive and productivity-focused.

Edun reaffirmed the central role of the private sector in driving growth, noting that the government’s responsibility is to provide stability, infrastructure, policy consistency, and a business-friendly environment. He concluded that achieving seven per cent GDP growth and lifting millions of Nigerians out of poverty is now an attainable national objective, anchored on consistent reforms and collective effort.