Nigeria targets investment-grade credit rating by 2030 –Uzoka-Anite

By Maduka Nweke

Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, has said Nigeria is targeting an investment-grade sovereign credit rating by 2030 through reforms under the National Development Plan 2026–2030.

Speaking at a webinar organised by credit rating agency, DataPro Limited, she said the ambition depended on sustained improvements in economic fundamentals, fiscal discipline, debt management and institutional credibility.

The webinar brought together policymakers, financial experts, regulators, capital market operators and development finance stakeholders to examine how credit ratings could support economic transformation and investment.

Uzoka-Anite said the rating target aligned with the Federal Government’s ambition to build a diversified, globally competitive $1 trillion economy by the end of the decade.

She identified stronger public finances and domestic revenue mobilisation, sustainable debt management, diversification and productivity growth, and institutional strengthening and policy consistency as four pillars for improving Nigeria’s credit profile.

Government revenue, she said, was projected to rise from 11.15 per cent of Gross Domestic Product (GDP) in 2025 to 18.7 per cent by 2030, alongside a significant increase in the share of capital expenditure in total spending.

She projected that public debt could decline from 36.07 per cent of GDP in 2025 to 18.83 per cent by 2030, while the Federal Government’s debt-service-to-revenue ratio could fall from nearly 63 per cent to about 21 per cent.

The minister stressed that these projections depended on sustained economic growth, prudent borrowing and effective fiscal management.

To reduce dependence on oil and strengthen external earnings, she called for deeper investment in agriculture, manufacturing, refining, solid minerals, digital services, energy and logistics.

Real GDP growth, she added, was projected to increase from 4.68 per cent in 2026 to 10.34 per cent by 2030, with the private sector expected to provide more than 70 per cent of investment under the plan.

Uzoka-Anite said the government was also strengthening institutions and improving economic data management to enhance investor confidence.

Earlier, DataPro founder, Abimbola Adeseyoju, said credit ratings had become important instruments for attracting investment and supporting development, beyond their role in assessing risk.

Sovereign ratings, he noted, influenced access to international capital, borrowing costs and the capacity of governments and businesses to finance infrastructure, industrialisation and long-term growth.

He called for fiscal discipline, deeper capital markets, transparency and improved access to economic data across Africa, alongside rating methodologies that reflected both the risks and growth potential of African economies.

Adeseyoju said investment-grade status was achievable through consistent reforms, stronger institutions and sound economic management.