Speaking at an investment symposium organized by the Dangote Group in collaboration with economist Bismarck Rewane, Samaila Zubairu, President and Chief Executive Officer of the Africa Finance Corporation (AFC), urged Nigerian policymakers and business leaders to scale up economic ambitions toward a $2 trillion gross domestic product (GDP) target by 2050.
Zubairu noted that while the federal government’s $1 trillion milestone by 2030 remains an essential stepping stone, it is insufficient to support Nigeria’s demographics, with the population projected to hit 360 million by 2050.
Unlocking long-term economic expansion requires tripling manufacturing capacity, accelerating construction and power infrastructure, and scaling localized processing across the mineral, technology, and creative sectors, Zubairu said.
Zubairu, who thanked the Dangote Group for giving him the opportunity to chair the event, admitted that if Nigeria industrialises, Africa will develop.
He added that Nigeria has abundant assets such as oil and gas reserves and a young population that craves consumption.
The president of AFC said the economy is gradually growing on the back of the current administration’s bold reforms.
According to him, there must be investment in infrastructure, human capital development, and technology.
He, however, noted that given the population explosion, a $1 trillion economy by 2025-2030 is somewhat unambitious, and that the country should purse a $2 trillion economy by 2050.
“The foreign exchange has strengthened. The next growth phase must be growth…growth in infrastructure,” said Zubairu.
“With the country’s population expected to be 360 million, is $1 trillion enough? No. $1 trillion should be the milestone while $2 trillion should be the realistic target. We must take ownership. A $2 trillion economy is achievable. It must be broad-based. Manufacturing must be tripled. Construction infrastructure must be pursued,” said Zubairu.
The transformational reforms of the President Bola Tinubu such as the removal of the expensive fuel subsidy and liberalisation of the foreign exchange market, are yielding fruits as there is gradual macroeconomic stability.
The external reserves have reached an 18-year high of $53.90 billion, bolstered by elevated crude prices following Strait of Hormuz shipping disruptions and improved domestic refining capacity.
According to an analyst survey by Bloomberg, the naira is projected to finish the year around 1,290/$ (up from 1,328.92/$), extending its year-to-date gain to nearly 12%.
Inflows from Nigerians abroad jumped 50% in the first seven months of the year to $3.8 billion, establishing a steady non-oil source of liquidity in the official currency market.
Zubairu said that for the country to achieve a $2 trillion economy, it has to invest in technology, the creative industry, and the mineral sector.
He added that the 650,000-barrel-a-day Dangote Refinery is a project of comparative advantage for the African continent.
“Africa has the resources and the people to annex its resources. Africa holds a decisive share of the mineral resources of the world,” summed Zubairu.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
