0
0
Nigeria 9 pillar growth plan has been unveiled by the Federal Government as part of efforts to achieve more than 7 percent non inflationary economic growth by 2027 and position the country toward a one trillion dollar economy.
The Minister of State for Finance, Doris Uzoka-Anite, disclosed this during the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria held in Abuja. She stated that Nigeria must sustain annual economic growth of between 10 and 12 percent over the next decade to meet President Bola Tinubu’s target of expanding the economy to one trillion dollars.
Nigeria GDP and Reform Imperative
According to the minister, Nigeria’s Gross Domestic Product currently stands at approximately 375 billion dollars. She explained that reaching the one trillion dollar milestone would require consistent double digit growth supported by structural reforms and broad based expansion across key sectors.
She noted that when the current administration assumed office in 2023, the economy faced significant structural distortions. These included fuel subsidy payments exceeding five trillion naira annually and a multiple exchange rate system that weakened investor confidence and created inefficiencies.
The government has since introduced reforms aimed at stabilising the macroeconomic environment and rebuilding confidence among investors and development partners.
Positive Ratings Outlook and Fiscal Reforms
The minister highlighted recent improvements, including a positive outlook revision by S&P Global Ratings in January 2026. The revision was described as a reflection of ongoing fiscal and monetary reforms.
She also explained that the federal budget framework has been restructured to treat investment expenditure as a distinct pillar. This approach is intended to prioritise capital formation, infrastructure development, and long term productivity growth.
Details of the Nigeria 9 Pillar Growth Plan
The Nigeria 9 pillar growth plan, formally known as the Disinflation and Growth Acceleration Strategy, is designed to deliver sustainable expansion without triggering inflationary pressures.
Key pillars of the strategy include:
Capital Mobilisation Expansion
The government plans to broaden access to development finance instruments to increase capital flows into priority sectors. This includes leveraging public and private partnerships to finance infrastructure and industrial projects.
Sectoral Growth Acceleration
The strategy targets accelerated expansion in agriculture, energy, technology, manufacturing, and creative industries. These sectors are viewed as major drivers of job creation and export earnings.
Nationwide Energy Expansion
Energy reform is central to the Nigeria 9 pillar growth plan. The government intends to expand oil and gas production while increasing investment in solar, hydro, and emerging fuel technologies to ensure energy security and industrial productivity.
Digital Infrastructure Development
Digital transformation is another core component. Plans include expanding broadband penetration and developing artificial intelligence ready data centres to support innovation, fintech growth, and digital services.
Human Capital Investment
The government aims to equip up to 10 million youths annually with technical and vocational skills. This initiative is designed to close skills gaps, improve employability, and strengthen the labour market.
Consumer Credit Expansion
Efforts are also underway to expand access to consumer credit for housing, education, healthcare, and household goods. Improved credit access is expected to stimulate domestic demand and support small businesses.
Reducing Import Dependence
A key objective of the Nigeria 9 pillar growth plan is to reduce reliance on imported raw materials. The minister cited the Dangote Refinery as an example of domestic value addition capable of conserving foreign exchange and strengthening industrial capacity.
By encouraging local processing and manufacturing, the government aims to enhance export competitiveness and stabilise the naira.
Path Toward a One Trillion Dollar Economy
Achieving a one trillion dollar economy will require sustained reforms, private sector participation, and policy consistency. Officials emphasised that maintaining macroeconomic stability while accelerating growth remains a central objective.
The Nigeria 9 pillar growth plan represents a structured approach to balancing growth ambitions with inflation control, fiscal discipline, and long term sustainability.
As implementation progresses, analysts will closely monitor performance indicators such as GDP growth, inflation trends, investment inflows, and sectoral output to assess whether the 2027 non inflationary growth target can be achieved.
PLEASE CLICK HERE FOR MORE NEWS
