The Chairman of the Nigerian Exchange Group (NGX), Dr. Umaru Kwairanga, has warned that Nigeria’s ambition to grow its economy to \$1 trillion by 2030 is at risk if policy inconsistency and currency instability are not urgently addressed.
Speaking in Lagos on Tuesday, Dr. Kwairanga noted that while the federal government has shown commitment toward economic reforms under President Bola Tinubu’s administration, more needs to be done to build investor confidence and create a clear path to sustainable growth.
“One recurring issue that may pose a serious threat to actualising the \$1 trillion economy is policy somersaults by the government,” Kwairanga said. “When there is uncertainty about the direction of government policy, it makes planning towards such an ambitious target difficult.”
The NGX Chairman acknowledged that some bold economic decisions have been taken by the current administration, especially the removal of fuel subsidies and reforms in the foreign exchange market. However, he stressed that these efforts must be backed by consistent long-term policies.
He recommended that the government establish a dedicated task force outside the traditional civil service system, composed of both public and private sector experts, to focus solely on reaching the 2030 economic target.
On the issue of currency volatility, Kwairanga recalled that Nigeria had once been halfway to achieving a \$1 trillion Gross Domestic Product (GDP), but recent naira devaluations had slashed the GDP in dollar terms by more than half.
“The naira appears to have stabilised at current levels, and we are optimistic that with the right policies, we may see some appreciation,” he added.
Kwairanga also raised concerns about external threats to economic growth, particularly the risk of a global trade war sparked by rising tariffs from the United States. He advised close monitoring of global economic trends to allow timely interventions that could shield Nigeria’s economy from negative impacts.
Despite the challenges, the NGX Chairman expressed confidence in Nigeria’s capital market as a critical engine for economic transformation. He said the capital market should not only reflect economic activities but drive innovation, job creation, and inclusive growth.
“At NGX Group, we remain committed to enabling innovation, transparency, and access. With the right policy backing, investor engagement, and collaborative resolve, the capital market will be pivotal in propelling Nigeria toward its \$1 trillion economic ambition,” he said.
President Tinubu has set a target of achieving a \$1 trillion economy by 2030, driven by structural reforms and private sector investment. However, experts like Kwairanga are urging caution and proactive measures to avoid pitfalls that could derail that ambition.
