$1trn economy: Nigeria requires 21.9% annual growth, N1, 500/$ — Afrinvest

By Providence Ayanfeoluwa

Nigeria would necessitate a minimum yearly maturation complaint of 21.9 percent astatine an speech complaint of N1,500/$ oregon stronger speech complaint astatine a slower maturation complaint to attain $1 trillion system valuation by 2031, Afrinvest West Africa Limited has predicted.

Afrinvest projected this successful in its 20th Nigeria Banking Sector Report 2025 entitled, ‘ACT-BOLD: Beyond a Trillion Dollar Economy’.

According to the report, “Based connected the result of the rebased GDP, which enactment Nigeria’s nominal size successful 2024 astatine N372.8 trillion (equivalent to $251.0 cardinal utilizing mean FX complaint of N1,484.99/$) versus N277.5trillion nether the aged basal twelvemonth (implying a 34.4 percent jump), Nigeria would necessitate a minimum yearly maturation complaint of 21.9% astatine an speech complaint of N1,500/$ oregon a overmuch stronger speech complaint astatine a slower maturation complaint to attain N1trillion system valuation by 2031.

“To adjacent these gaps and reposition Nigeria for a leap guardant (notably, the $1tn system size target), we suggest that the medication follow the philosophical mantra of “ACT-BOLD” – a model for reengineering Nigeria’s economical fortunes done decisive, transparent, and reform-driven governance.”

The study indicated that contempt the President Bola Tinubu administration’s assurance that the banking manufacture volition enactment the $1tn system people realisation, determination was a request to code longstanding impediments that constrain broad-based maturation potential.   

The study unveiling which besides marked Afrinvest’s 30 years of operations, attracted fiscal assemblage stakeholders and marketplace leaders.

Speaking during the unveiling, Group Managing Director, Afrinvest West Africa Limited, Dr Ike Chioke, described the company’s 30 years of operations arsenic a travel of resilience, innovation, and enactment meant to signifier Nigeria’s fiscal markets. He said the Banking Sector Report, archetypal published successful 2006, remained a trusted compass for policymakers, investors and fiscal institutions navigating the changes successful Nigeria’s economy.

The station $1trn economy: Nigeria requires 21.9% yearly growth, N1, 500/$ — Afrinvest appeared archetypal connected Vanguard News.