Nigeria’s Path to $1trn Economy Hinges on 21.9% Growth or Stronger Naira, Says Afrinvest.
Nigeria’s Path to $1trn Economy Hinges on 21.9% Growth or Stronger Naira, Says Afrinvest.
Afrinvest West Africa Limited has said Nigeria must grow its economy by at least 21.9 percent yearly, at an exchange rate of N1,500 to the dollar, to reach a $1 trillion economy by 2031.
The investment firm stated this in its 20th Nigeria Banking Sector Report 2025 titled “ACT-BOLD: Beyond a Trillion Dollar Economy.”
Afrinvest explained that after the rebasing of the GDP, Nigeria’s economy in 2024 was valued at N372.8 trillion, about $251 billion at the average exchange rate of N1,484.99 to the dollar. This was a 34.4 percent increase from the old base year which had put the figure at N277.5 trillion.
According to the report, if Nigeria wants to hit the $1 trillion mark, it either needs the very high growth rate of 21.9 percent at the current exchange rate, or it must achieve a stronger naira to reduce the growth burden.
The report advised the government to adopt the idea of “ACT-BOLD,” which it described as a way to fix the economy through strong, open, and reform-minded policies.
It also noted that even though President Bola Tinubu’s administration is optimistic that the banking sector will help achieve the $1 trillion goal, many old problems still stand in the way of broad growth.
At the launch of the report, which also marked Afrinvest’s 30th anniversary, the Group Managing Director, Dr. Ike Chioke, said the company’s journey had been about resilience, innovation, and leadership. He added that since 2006, the Banking Sector Report has remained a useful guide for policymakers, investors, and financial institutions navigating Nigeria’s economy.
