JUST IN : Why we’re growing Nigerian economy to $1trn - Shettima

Vice President Kashim Shettima has reaffirmed the Nigerian government's commitment to expanding the nation's economy to $1 trillion within the next decade. Speaking at the 2025 Conference of the Africa and Middle East Depositories Association (AMEDA) in Lagos, Shettima emphasized the administration's focus on strengthening financial market infrastructures through regulation, reform, and public-private collaboration.

Represented by Special Adviser Tope Fasua, Shettima highlighted the role of financial systems in achieving economic growth, stating that efficient, inclusive, and future-proof financial systems are essential. He noted that initiatives such as broadening capital market participation, increasing access to finance for MSMEs and startups, and financing infrastructure through green bonds and sukuk are central to this vision.

The Vice President also called on African capital markets to embrace digital transformation and deepen regional integration, particularly under the African Continental Free Trade Area Agreement, which aims to unite 54 countries into a single market of over 1.4 billion people.

AMEDA Chairman Abdulla Abdin echoed these sentiments, emphasizing that financial infrastructure is a critical mechanism for development, investment, and economic integration within the region.

This initiative aligns with the administration's broader economic goals, including the inauguration of the Interministerial Committee on Research and Innovation, tasked with transforming Nigeria into an innovation-driven economy. The committee focuses on sectors such as agriculture, manufacturing, healthcare, natural resources, and energy security.

Additionally, the Central Bank of Nigeria's recapitalization directive aims to strengthen the banking sector, enhancing its capacity to support the envisioned $1 trillion economy by 2030. The recapitalization is expected to increase banks' lending capacity, attract foreign direct investment, and improve financial stability. 

Through these combined efforts, the Nigerian government seeks to lay a strong foundation for sustainable economic growth and development.