Nigeria has set its sights on achieving a 7 percent annual economic growth rate, a bold ambition outlined by Vice President Kashim Shettima during his engagements at the 80th United Nations General Assembly (UNGA) in New York. Representing President Bola Tinubu, Shettima told global leaders, investors, and development partners that Nigeria is determined to reposition its economy, restore stability, and ensure sustainable prosperity for its citizens.
According to Shettima, the growth target is not a hollow projection but one rooted in the reforms that the Nigerian government has embarked upon since mid-2023. He explained that measures such as the unification of exchange rates, removal of fuel subsidies, fiscal discipline, and structural reforms in agriculture and manufacturing have already laid the foundation for stronger growth. The Vice President emphasized that Nigeria’s current trajectory of around 4–5 percent growth must be accelerated to reach levels that can meaningfully reduce poverty and unemployment.

He told his audience that Nigeria is ready to work with global partners to unlock opportunities across critical sectors. Agriculture, he said, remains a cornerstone of Nigeria’s economy, and investments in mechanization, irrigation, and value chains would not only boost food security but also reduce dependence on imports. Similarly, the manufacturing sector, with its potential for job creation and exports, requires fresh capital, technology transfer, and reliable energy. Shettima stressed that Nigeria’s reforms in the power sector, alongside investments in renewable energy, are targeted at driving down costs and enabling industries to thrive.
Another priority highlighted by Shettima is Nigeria’s digital economy, which he described as a new frontier of growth. With a youthful population and an expanding tech ecosystem, Nigeria has become a hub for startups, fintech, and e-commerce. The Vice President urged investors to back Nigeria’s innovation ecosystem, noting that digital solutions are already transforming financial services, logistics, and education across the country.
The Vice President also linked Nigeria’s growth ambitions with the broader African agenda. He reiterated Nigeria’s commitment to the African Continental Free Trade Area (AfCFTA), describing it as a tool to boost intra-African trade and build regional value chains. Nigeria’s strategic position and large domestic market, he said, place it in a unique position to serve as a manufacturing and logistics hub for the continent. “Our goal is not only to grow Nigeria’s economy but to drive Africa’s integration and collective prosperity,” Shettima said.
Global partners responded with cautious optimism. Some development institutions, including multilateral lenders, acknowledged the reforms underway but stressed the need for sustained implementation. They called for accountability, transparent project pipelines, and effective governance structures to ensure that investments deliver results. Shettima assured them that Nigeria’s government is committed to maintaining transparency and enforcing policies that guarantee investor confidence.
Domestically, economic experts have weighed in on Shettima’s target. Many argue that while 7 percent growth is ambitious, it is not unattainable. They noted that Nigeria achieved similar growth rates in the mid-2000s when oil prices were high and reforms in telecommunications, banking, and trade liberalization supported expansion. However, they caution that today’s context is different, as Nigeria faces global headwinds such as volatile oil prices, tightening global financial conditions, and climate-related shocks. For the growth agenda to succeed, experts insist Nigeria must accelerate diversification, curb insecurity in farming regions, and invest heavily in infrastructure.
Inflation remains another challenge. Though recent figures show a gradual decline, the high cost of food and energy continues to erode household purchasing power. Analysts warn that without consistent fiscal and monetary coordination, inflationary pressures could offset gains in output. Shettima acknowledged these concerns, stating that the administration is working closely with the Central Bank of Nigeria to maintain macroeconomic stability, stabilize the naira, and attract foreign exchange inflows.
Beyond economics, Shettima used his platform at UNGA to call for global solidarity on issues such as climate change, energy transition, and food security. He said Nigeria requires financing and technology support to transition towards clean energy without compromising growth. He also urged global partners to treat Africa as an equal in global trade, emphasizing that fair partnerships would be central to Africa’s ability to meet its development goals.
The Vice President’s engagements in New York included bilateral meetings with international leaders, investors, and donor agencies. Discussions centered on financing infrastructure, boosting agricultural productivity, supporting youth employment, and enhancing Nigeria’s renewable energy capacity. Shettima assured stakeholders that Nigeria is determined to create a transparent, business-friendly environment, while also addressing issues such as corruption, insecurity, and bureaucratic bottlenecks.
For Nigerians at home, the pledge of 7 percent annual growth has sparked mixed reactions. Optimists see it as a sign of seriousness from the government and an opportunity to rally both domestic and foreign support for reforms. Skeptics, however, point to longstanding challenges such as power shortages, policy inconsistency, and corruption, warning that targets will remain rhetoric unless matched by visible action.
Nevertheless, Shettima’s speech at the UNGA marks an important statement of intent. It demonstrates Nigeria’s willingness to engage the world, not as a passive participant, but as a proactive player determined to shape its economic future. By setting a clear growth target, Nigeria has signaled that it is ready to be held accountable for progress, while also seeking the partnerships needed to overcome its challenges.
The coming years will reveal whether the reforms being undertaken can deliver the desired results. For now, Nigeria’s 7 percent growth ambition remains both a challenge and a rallying call—a statement that Africa’s largest economy intends to transform itself into a driver of prosperity not only for its people but for the entire region.
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