Nigeria plans to double GDP growth to 7% by 2025, with enhanced oil production and private sector engagement. The Finance Minister emphasizes the need for improved conditions to attract investment, aiming to alleviate poverty and improve living standards for citizens.
Nigeria aims to significantly boost its economy, targeting a GDP growth of 7% by 2025, primarily through enhanced oil production and private sector participation. Wale Edun, the Minister of Finance, emphasized that achieving this growth rate is crucial for alleviating poverty among the population.
The government anticipates stronger revenue growth and higher oil production, aiming to ramp up to over 2 million barrels per day. Recent data from a Reuters survey indicates that Nigeria exceeded its OPEC+ oil output quota, indicating a promising outlook for meeting its targets.
In the fourth quarter of last year, Nigeria’s GDP increased by 3.8%, up from 3.46%. With a population exceeding 220 million, Edun described a GDP growth rate below 4% as inadequate, advocating for the 7% target to revitalize the economy.
To facilitate this growth, Edun stated the importance of involving the private sector to help bridge infrastructural gaps that deter investment. The government is actively working to eliminate bureaucratic obstacles that hinder private investment and improve the overall investment climate.
His remarks highlighted the potential of the Dangote refinery, which is projected to operate at full capacity of 650,000 barrels per day, as a key component in enhancing local capacities and reducing dependency on imports.
Edun portrayed a vision where increased oil production and enhanced ease of doing business would provide the momentum needed for economic growth, as the country looks to overcome past challenges and achieve sustainable development in the coming years.
Nigeria is setting ambitious economic growth targets, aiming for a GDP increase to 7% by 2025 through enhanced oil production and private sector involvement. Continuous improvements in the investment climate and the operational capacity of facilities like the Dangote refinery are expected to play significant roles in this pursuit. The government’s approach focuses on removing barriers to investment, boosting overall economic performance and improving living standards for the populace.
Original Source: businessday.ng
