{"id":16176,"date":"2026-11-12T17:30:47","date_gmt":"2026-11-12T17:30:47","guid":{"rendered":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/12\/1-trillion-economy-nigeria-needs-double-digit-growth-massive-investments-soludo\/"},"modified":"2026-11-12T17:30:47","modified_gmt":"2026-11-12T17:30:47","slug":"1-trillion-economy-nigeria-needs-double-digit-growth-massive-investments-soludo","status":"publish","type":"post","link":"https:\/\/globalnigerianews.com\/index.php\/2026\/11\/12\/1-trillion-economy-nigeria-needs-double-digit-growth-massive-investments-soludo\/","title":{"rendered":"\u200e$1 trillion economy: Nigeria needs double-digit growth, massive investments \u2013 Soludo"},"content":{"rendered":"
\"\u200e$1<\/p>\n

\u200e\u2026 Says Tinubu rescued economy from collapse, but 4% growth insufficient to fight poverty
\u200e\u2013Urges FG to consider connecting Onitsha Onitsha coastal highway, port infrastructure around Onne.
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\u200eBy Johnbosco Agbakwuru
\u200e
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\u200eABUJA\u2013 THE Governor of Anambra State and former Central Bank of Nigeria, CBN governor, Professor Chukwuma Soludo, has cautioned that Nigeria\u2019s goal of becoming a $1 trillion economy will remain out of reach unless the country records double-digit economic growth and attracts substantially greater investment from both government and the private sector.
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\u200eThe Governor said that while President Bola Tinubu\u2019s administration had successfully pulled the economy back from the brink of collapse and restored some stability, the current growth rate of about four per cent was far too low to drive rapid industrialisation, meaningfully reduce poverty, or create enough jobs for the country\u2019s fast-growing population.
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\u200eHe therefore advocated a new phase of bold economic transformation, supported by investment of more than 30 per cent of GDP, sustained industrialisation, competitive exchange-rate policies, and reforms that continue beyond electoral cycles
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\u200eThis is as the Governor has urged the Federal Government to consider the potential economic benefits of connecting Onitsha to the coastal highway and the port infrastructure around Onne.
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\u200eProf. Soludo stated the above on Thursday while delivering the keynote address at the presentation of a book titled \u201cEconomic Diversification and Structural Transformation in Nigeria: The Past, The Present, The Future\u201d, written by a member of the House of Representatives, Hon. Abdulmumini Jibrin Kofa, at the Old Banquet Hall, Presidential Villa, Abuja.
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\u200eSpeaking on the theme, \u201cSpeeding Up and Building to Last,\u201d Soludo observed that Nigeria had forfeited considerable time in its economic development journey, and emphasised the need to pursue structural transformation with unprecedented urgency.
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\u200eAccording to him, the country could not afford another cycle of ambitious economic plans that failed to produce sustained growth, particularly with its population projected to reach about 400 million within the next three decades.
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\u200eHe said: \u201cThe administration has done very well, rescued the economy. As I previously described it, the economy when this government came in was like a dead horse that was still standing.
\u200e
\u200e\u201dIt sprayed some oxygen to it. Growth has begun to come back, and we are now on the right trajectory. But acceleration, speed and building to last become important considerations going forward.\u201d
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\u200eThe Anambra State Governor contended that the country\u2019s current economic growth, though an improvement over previous years, was insufficient to meet its development aspirations.
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\u200eHe said: \u201cFour per cent growth rate for the economy so far is an improvement over the recent past, but very moderate growth for the requirement for significant poverty reduction or accelerated transformation.
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\u200e\u201dSuch growth that will be required to be able to have a $1 trillion economy in the next few years will require this economy growing at a minimum of double digit.
\u200e
\u200e\u201dAnd to grow at double digit, you require huge investments in excess of 30 per cent of GDP. Currently, we are doing about 17-point-something per cent\u201d, he explained.
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\u200eSoludo said the challenge was particularly urgent because Nigeria\u2019s population was expanding rapidly, with approximately 70 per cent of its citizens aged 30 years and below.
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\u200eHe warned that millions of young Nigerians would require employment, education, healthcare, housing and other essential services in the coming decades.
\u200e
\u200e\u201dWe have lost time and must now run at the speed of 1,000 kilometres per hour if we want to leapfrog, catch up and surpass our peers in this increasingly competitive and disruptive world.
\u200e
\u200e\u201dThe current foundations by this administration are in the right direction. The road ahead towards structural transformation will require dozens more disruptive but progressive agendas\u201d, he declared.
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\u200eHe noted that the manufacturing sector had remained largely stagnant, accounting for about eight per cent of GDP over the past 56 years.
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\u200e\u201dThere is a major missing link. Nigeria transited from the primary to the tertiary services sector.
\u200e
\u200e\u201dOur economic diversification and transformation have happened with a missing middle. There is a middle that is missing, which is the secondary sector.
\u200e
\u200e\u201dBypassing the secondary sector under a phenomenon of premature deindustrialisation and incomplete industrialisation, the share of manufacturing has remained flat at about eight per cent for the last 56 years, since 1970.
\u200e
\u200e\u201dThe manufacturing sector is still less than 10 per cent, and that is where the jobs are for the 400 million Nigerians coming. They need manufacturing jobs.
\u200e
\u200e\u201dIndustrialisation must happen if we are to have a sustainable economy that creates jobs and widespread prosperity\u201d, Soludo said.
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\u200eHe also stressed the importance of a deliberate exchange rate strategy in promoting export-led industrialisation, saying Nigeria had historically undermined its productive capacity by maintaining an overvalued currency.
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\u200eThe former CBN governor commended Tinubu for confronting longstanding distortions in the foreign exchange market, arguing that a competitive real effective exchange rate was essential to improving Nigeria\u2019s international competitiveness.
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\u200eHe recalled resisting pressure from the International Monetary Fund (IMF) to revalue the naira during his tenure at the Central Bank, explaining that his administration deliberately pursued a competitive exchange rate policy.
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\u200eAccording to him, this strategy, alongside banking consolidation and the accumulation of substantial external reserves, helped Nigeria withstand the 2008 global financial crisis.
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\u200e\u201dHaving an overvalued real effective exchange rate and expecting industrial competitiveness was one of Nigeria\u2019s greatest mistakes on the road to transformation.
\u200e
\u200e\u201dDuring my time at the Central Bank, I resisted the IMF advice to revalue the naira. We targeted a real effective exchange rate undervaluation.
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\u200e\u201dThere can be no sustained diversification and competitiveness of the economy without an exchange rate strategy\u201d, he said.
\u200e
\u200eSoludo argued that the administration\u2019s exchange rate reforms had contributed to improvements in non-oil exports, foreign reserves and capital inflows.
\u200e
\u200eThe governor said the country\u2019s limited fiscal capacity reinforced the need for stronger revenue mobilisation, private investment and a development strategy capable of attracting substantial capital.
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\u200eTurning to infrastructure, Soludo commended the Tinubu administration\u2019s major transport projects, particularly the Lagos\u2013Calabar Coastal Highway, which he said could help unlock new economic corridors and connect emerging industrial centres.
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\u200eHe advocated the deliberate integration of major Nigerian cities, including Lagos, Onitsha, Port Harcourt, Ibadan and Kano, into interconnected engines of industrial and commercial growth.
\u200e
\u200eHe particularly urged the Federal Government to consider the potential economic benefits of connecting Onitsha to the coastal highway and the port infrastructure around Onne.
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\u200eAccording to him, such connectivity could dramatically improve access to maritime trade for manufacturers and traders in the South-East.
\u200e
\u200eSoludo also called for greater attention to demographic changes, technological disruption, climate change and rapid urbanisation in the formulation of long-term development policies.
\u200e
\u200eOn the political sustainability of reforms, Soludo cautioned against abandoning long-term development programmes in pursuit of short-term electoral popularity.
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\u200eWith the 2027 general elections approaching, he said political leaders must resist the temptation to sacrifice economic reforms for immediate political advantage.
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\u200eSoludo argued that the challenge of sustaining development programmes was particularly pronounced in multiparty democracies operating short electoral cycles.
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\u200eHe said Nigeria must find a way to reconcile political competition with a shared commitment to long-term economic transformation.
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\u200eSoludo also challenged Nigerians to demonstrate greater confidence in locally manufactured products, arguing that consumer preferences could play a significant role in industrial revival.
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\u200eHe said a nationwide commitment to purchasing Nigerian products would stimulate domestic production, attract investment and generate millions of employment opportunities.
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\u200e\u201dImagine for a moment if all Nigerians only eat and wear made-in-Nigeria products. Imagine the millions of jobs and the foreign direct investment that will relocate to exploit the Nigerian market\u201d, he said.
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\u200ePresident Tinubu was represented at the event by the Speaker of the House of Representatives, Hon. Tajudeen Abbas, while other dignitaries included the Chief of Staff to the President, Femi Gbajabiamila, ministers, lawmakers and senior government officials.
\u200e<\/p>\n

The post \u200e$1 trillion economy: Nigeria needs double-digit growth, massive investments \u2013 Soludo<\/a> appeared first on Vanguard News<\/a>.<\/p>\n<\/div>\n

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\u200e\u2026 Says Tinubu rescued economy from collapse, but 4% growth insufficient to fight poverty\u200e\u2013Urges FG to consider connecting Onitsha Onitsha coastal highway, port infrastructure around Onne.\u200e\u200eBy Johnbosco Agbakwuru\u200e\u200e\u200eABUJA\u2013 THE Governor… <\/p>\n","protected":false},"author":1,"featured_media":16177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-16176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/16176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/comments?post=16176"}],"version-history":[{"count":0,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/posts\/16176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media\/16177"}],"wp:attachment":[{"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/media?parent=16176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/categories?post=16176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globalnigerianews.com\/index.php\/wp-json\/wp\/v2\/tags?post=16176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}