NACCIMA urges FG to align priorities, forge PPPs, implement pragmatic policies to achieve $1 trn GDP by 2030
Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has said that achieving a $1 trillion Gross Domestic Product (GDP) by 2030 is ambitious but within reach if we align our priorities, forge public-private partnerships, and implement pragmatic policies.
DG, NACCIMA, Olusola Obadimu, made this assertion at the 2024 National Conference of the Commerce and Industry Correspondents Association of Nigeria (CICAN), adding that this year’s theme, “Manufacturing: $1 Trillion GDP Target by 2030: Realities and Possibilities,” is both timely and compelling as it highlights the urgent need to reposition Nigeria’s manufacturing sector as a cornerstone for economic growth and development.
The DG NACCIMA commended and congratulated the CICAN National Chairman, Mr. Charles Okonji and his team for their inspirational leadership and commitment in piloting the affairs of the CICAN.
Obadimu, who was represented by the Research Officer, NACCIMA, William Inya, highlighted that Nigeria’s economic performance in recent years has shown both resilience and areas for improvement.
“According to the National Bureau of Statistics (NBS), the country’s Gross Domestic Product (GDP) grew by 3.19% in the second quarter of 2024, up from 2.51% in the same period of 2023. While this growth is encouraging, it remains insufficient to achieve the ambitious $1 trillion GDP target by 2030, given our current GDP of approximately $384 billion,” he said.
According to him, “historical lessons offer hope. In 2014, Nigeria’s GDP experienced a dramatic leap from $270 billion to $510 billion following a rebasing exercise, an increase of 89%. Today, with another rebasing on the horizon, we are optimistic about identifying additional growth areas. However, achieving sustainable growth requires more than statistical adjustments; it demands structural reforms, strategic investments, and unwavering commitment.”
He stated further that the manufacturing sector, which currently contributes approximately 9% to Nigeria’s GDP, has the potential to be a game-changer.
With improved infrastructure, he said, enhanced access to financing, and policies that promote local production, this sector could significantly boost economic output.
He added that countries with similar aspirations have leveraged manufacturing to increase their GDP contributions to as much as 20–30%, creating jobs and fostering economic inclusivity.
He however, lamented that several challenges persist which includes the infrastructure deficit, which currently stands at 35% of GDP, adding that this undermines efficiency and increases production costs.
He noted that inadequate power supply, estimated to cost businesses over $29 billion annually, further complicates the operating environment.
Additionally, he said recent fluctuations in the naira and inflationary pressures exacerbate these issues, emphasizing the need for robust and stable macroeconomic policies.
NACCIMA, he noted firmly believes that a thriving manufacturing sector is pivotal for Nigeria’s economic transformation and urged the government to: “Prioritize investments in transportation, energy, and technology to reduce production costs.
“Develop more industrial parks and special economic zones to enhance economies of scale and attract foreign investment.
“ Invest in local raw material sources to minimize reliance on imports and enhance competitiveness.
“ Equip the workforce with the skills necessary for modern manufacturing processes.”
He emphasized events like this CICAN National Conference provide a platform to deliberate on actionable solutions and galvanize stakeholders toward our shared objectives which is aimed at advocating for policies that will continue to enhance the growth and development of Nigerian private sector/business community.
“It is the hope of our Association, NACCIMA that our resolution here today would help to further build a resilient and competitive manufacturing sector that drives Nigeria toward prosperity,” DG NACCIMA added.
