The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has said sustained economic reforms and stronger private sector participation are central to Nigeria’s ambition to achieve at least seven per cent GDP growth by 2027–2028.
Edun made this observation on Tuesday at the African Business Convention held in Lagos, where he maintained that Nigeria is firmly on course for accelerated growth despite tightening global financial conditions and rising geopolitical uncertainty.
The PUNCH reports that the 2026–2028 Medium-Term Expenditure Framework projected a real Gross Domestic Product growth rate of 4.68 per cent for 2026, rising to 5.96 per cent in 2027 and 7.9 per cent in 2028. The projections were based on ongoing economic reforms and the expected gains from tax reforms, which became effective in January.
Edun, who was represented by the Permanent Secretary of the Federal Ministry of Finance, Mr Raymond Omachi, said the government’s economic strategy is focused on restoring macroeconomic stability, boosting productivity and deepening inclusion, rather than relying on oil-driven growth.
He said, “Nigeria must return to a path of growth of at least seven per cent, that is what we are working on every day. Not oil-driven growth but sustained, inclusive and productivity-led growth. The global economic environment is challenging, but Nigeria’s direction is clear, and we are following it consistently. The foundation is being laid, the reforms are taking hold, and the ambition is unwavering. Seven per cent growth, millions lifted out of poverty in Nigeria, is not a distant dream and aspiration; it is already here. It is a shared project; we need to work together.”
The minister also spoke on the role of the private sector, saying, “For Africa, growth must be domestically driven, private-sector led and productivity-focused. We must mobilise our own resources, use technology to overcome constraints, and convert our greatest asset, our people, into skilled, productive participants in the global economy. Nigeria, as Africa’s largest economy and most populous nation, has both a responsibility and an opportunity to lead.
“Since May 2023, Nigeria has embarked on a coherent, disciplined, reform-oriented economic programme built on two core goals. First, to restore macroeconomic stability and credibility so private investment can thrive. Second, to rebuild government capacity so the state can invest strategically in the foundations of long-term growth: education, healthcare, infrastructure and human capital. To achieve this, the government has taken bold and sometimes difficult decisions. Reforms are often painful. They affect people in the short term, but they are necessary for long-term improvement.”
Reiterating the central role of the private sector, he said the government’s responsibility is to provide macroeconomic stability, infrastructure, policy consistency and a transparent, business-friendly environment.
“The private sector is the engine of Nigeria’s goal. The government’s role is to provide stability, infrastructure, policy consistency and a transparent, business-friendly environment. We are seeking investment that builds factories, investment that builds skills, technology and a regional value chain. Nigeria is not just open for business, Nigeria is reforming to accelerate business,” he said.
Also speaking at the event, the Chairman of the Nigerian Exchange Group, Umaru Kwairanga, said the exchange would support the push to achieve the $1tn economic growth agenda.
The NGX Group chairman maintained that platforms such as the African Business Convention are important for converting dialogue into tangible partnerships, deepening investor participation and building resilient financial ecosystems that support inclusive growth.
The convener of the event, Dr Ogho Okiti, added that the African Business Convention was designed to translate discussions into strategic partnerships and initiatives that promote sustainable growth across the continent while closing Africa’s investment, policy and skills gaps.
