Oyebanji: Nigeria Needs 28% Annual Growth to Hit $1trn Economy by 2030

The President of the Chartered Institute of Directors Nigeria (CIoD), Adetunji Oyebanji, has stated that Nigeria would need to achieve an annual compound economic growth rate of 28.02 per cent to increase its estimated 2025 nominal Gross Domestic Product (GDP) of $290.79 billion to $1 trillion by 2030. He made this assertion in Lagos while delivering the keynote address at the 42nd Omolayole Management Lecture, themed 'One Trillion Dollar Economy: What It Will Take Nigeria to Achieve It'. Oyebanji described the required growth rate as highly ambitious and without historical precedent for an economy of Nigeria's current size. He stressed that the target cannot be achieved through incremental improvements or business-as-usual policies, but requires sustained acceleration in economic growth, structural transformation, and investment.

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