The Abuja Chamber of Commerce and Industry has called on the Federal Government to establish a set of measurable interim milestones to support its ambition of reaching a $1 trillion economy by 2030. Adesoji Adesugba, the chamber's First Deputy President, presented these recommendations during a keynote address in Abuja on Tuesday. He argued that without verifiable benchmarks, the national target risks becoming a political slogan rather than a concrete economic strategy.
According to Punch, Adesugba proposed five specific indicators for policymakers to adopt. These include achieving a $500 billion economy, maintaining real growth of at least six per cent, ensuring foreign direct investment exceeds ten per cent of capital inflows, and securing reliable grid power availability of at least 8,000 megawatts. He also suggested that headline inflation should be kept within single digits. The chamber leader contended that these milestones would function as a scorecard, allowing citizens, investors, and the media to hold the state accountable for its performance.
Adesugba highlighted that Nigeria's current average available grid power of 4,758 megawatts in August 2026 is insufficient to support the industrial expansion required to triple the economy's dollar value within five years. He noted that under current growth rates of 4 to 4.5 per cent, the economy would likely reach only about $450 billion by 2030. Even with accelerated reforms and a stable naira, he estimated the economy would reach approximately $585 billion by that year, with the trillion-dollar mark potentially crossed around 2034.
The chamber's leadership also expressed concern over the quality of capital inflows, noting that foreign direct investment stood at just $923 million in 2025. Adesugba argued that while portfolio capital stabilizes the currency, direct investment is necessary to build factories and create jobs. He urged the government to focus on expanding productive capacity and improving infrastructure, particularly electricity supply, rather than relying solely on currency appreciation.
In his address, Adesugba also called for a public dashboard to track progress against these targets on a predictable calendar. He identified policy continuity beyond the 2027 elections, stronger fiscal coordination, and fair implementation of the 2025 Tax Acts as key priorities. The chamber leader further urged the media to scrutinize government policies and track whether promised reforms are translating into improved living conditions for the 140 million Nigerians living below the national poverty line.