FG’s Reforms Alone Won’t Deliver $1 Trillion Economy by 2030 – NESG

• NESG praises the removal of subsidies and unification of the forex but warns that these alone can’t deliver inclusive growth or long-term economic transformation

• Calls for reforms on industrialisation, infrastructure, institutions, and investment to consolidate gains and accelerate Nigeria’s economic vision for 2030

The Nigeria Economic Summit Group (NESG) has stated that the federal government’s key reforms, including the removal of fuel subsidies and unification of the foreign exchange, while bold and stabilising, are not sufficient to achieve Nigeria’s 2030 economic vision.

The government has set an ambition of building a $1 trillion economy by 2030, but the NESG warned that more far-reaching structural reforms are required.

Speaking at a press briefing ahead of the 31st Nigerian Economic Summit (NES#31) scheduled for October 6–8, 2025, NESG Chairman Niyi Yusuf acknowledged the reforms as “bold and courageous,” noting that they had narrowed fiscal deficits and brought relative stability to the economy.

However, he stressed that “stability is not the destination but the starting point.” He explained that while the removal of subsidies and FX harmonisation created fiscal space and revenue for sub-national entities, they cannot, by themselves, deliver inclusive and sustainable growth.

According to Yusuf, Nigeria needs a second wave of reforms focused on industrialisation, competitive infrastructure, inclusive growth, strong institutions, and bold investment strategies. He described the incoming Tax Acts in 2026 as a good step but insisted that deeper structural changes are necessary to unlock long-term growth.

The NES#31 will centre on five sub-themes: industrialisation-led growth, infrastructure competitiveness, inclusive development, stronger institutions, and attracting investment amid shifts in global trade.

On the government’s side, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, admitted the past two years have been tough but insisted that the reforms are already yielding positive results. Represented by Dr. Felix Okonkwo, he stated that exchange rate stability, lower inflationary pressures, and improved fiscal management are setting the stage for a more resilient economy.

Bagudu added that the government’s priority is to drive job creation, reduce poverty, increase non-oil revenue growth, and maintain external financial stability.

NESG’s Director-General, Dr. Tayo Aduloju, further explained that the reforms should be seen in three phases: stabilisation, consolidation, and acceleration. While stability has been achieved to some degree, he noted that it has not yet translated into a better standard of living for Nigerians.

He urged that the consolidation phase must be used to attract investment, expand trade, grow the productive sector, create jobs, raise household incomes, and bring down inflation.

The NESG concluded that Nigeria stands at a turning point, and without deeper, deliberate reforms, the current gains may not deliver the economy envisioned by 2030.