The 31st Nigerian Economic Summit: A Vision for a Trillion-Dollar Economy
The 31st Nigerian Economic Summit (NES), held in Abuja, brought together national leaders, industry captains, and development partners to discuss strategies for transforming Nigeria into a trillion-dollar economy. Among the attendees was Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who emphasized the importance of bold reforms and inclusive growth.
President Bola Ahmed Tinubu, represented by Vice President Kashim Shettima, opened the summit with a strong commitment to economic reforms that would unlock growth, create jobs, and ensure shared prosperity. The government has introduced several initiatives, including a ₦200 billion fund for micro, small, and medium enterprises (MSMEs) and manufacturers, new fiscal measures to boost domestic revenue, and nationwide infrastructure projects. These efforts aim to create an investor-friendly environment where the private sector can thrive as a driver of inclusive transformation.
The theme of this year’s summit, “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” highlights the urgency of consolidating recent stabilization gains into a thriving economy that benefits all Nigerians. Mr. Wale Edun reaffirmed Nigeria’s commitment to bold reforms that are restoring stability, strengthening investor confidence, and laying the foundation for inclusive growth.
Edun pointed out that the country is at a pivotal moment where decisive action will determine its economic future. He highlighted significant progress already achieved, including the stabilization of the naira, improved foreign exchange management, higher federal allocations, and early signs of easing inflation.
To sustain momentum, the Minister outlined four priorities:
- Reforming fiscal policy
- Raising Nigeria’s tax-to-GDP ratio through automation and technology
- Curbing inflation
- Unlocking private sector investment
With tax revenues currently at just 13% of GDP compared to 50–60% in peer economies, Edun stressed the urgency of widening the tax base to fund critical infrastructure and social programs.
On the topic of social investments, the Minister announced that the Direct Benefit Transfer Scheme has already reached over 8 million Nigerians, with a target of 15 million households by year-end. Every beneficiary is biometrically identified and digitally paid, ensuring transparency and impact.
Reiterating the central role of private enterprise, Edun noted that reforms are creating a more competitive climate for investment in energy, agriculture, transport, and digital infrastructure. “Nigeria’s demographic advantage means our youth will form a major part of the global workforce by 2050,” he said. “Our task is to equip them to seize that opportunity.”
The Minister underscored President Bola Ahmed Tinubu’s commitment to policies that deliver fiscal stability, attract investment, and ensure that prosperity is broadly shared.
