Chairman, Nigerian Exchange Group (NGX), Dr Umaru Kwairanga, has said that Nigeria must be unshackled from policy inconsistency, currency woes and other headwinds if it is to achieve the proposed $1 trillion economy.
Kwairanga made the call while speaking with the News Agency of Nigeria (NAN) in Lagos, yesterday.
He emphasised that overcoming these hurdles was essential to attaining Nigeria’s $1 trillion economic aspiration. Achieving this goal by 2030, he said, will require bold structural reforms, unwavering policy consistency, and a strong partnership between the public and private sectors.
“One recurring issue that may pose a serious threat to actualising the $1 trillion economy is policy somersaults by the government.
“When there is uncertainty about the direction of government policy, it makes planning towards such an ambitious target difficult.
“In this particular case, I strongly believe the Tinubu administration is serious and committed to the target and this has been demonstrated by some very difficult decisions that it has had the courage to take. However, it needs to go beyond that by setting up a structure that will directly be in charge of moving the country towards the 2030 target. Such a structure may need to be outside the slow and bureaucratic nature of the civil service and should include both public and private sector technocrats. Another challenge is the value of the country’s currency. It could be recalled that we were more than halfway to a trillion dollar Gross Domestic Product a few years ago but recent devaluations have reduced the GDP in dollar terms by more than half,” he said.
Kwairanga expressed optimism that the naira appeared to have stabilised around current levels, and as the effects of the drastic measures taken to rescue the Nigerian economy kick in, they might even see some appreciation.
He noted that another challenge was the possibility of a global trade war triggered by the current American administration’s imposition of tariffs on almost all countries.
“This could dampen growth in the short to medium term globally and affect the Nigerian economy too.
“The solution I think is to monitor developments closely in order to take appropriate action to mitigate any risks that might arise,” he said.
The Chairman noted that Nigeria’s capital market is not just a mirror of economic activity but a driver of economic transformation.
“At NGX Group, we remain committed to enabling innovation, transparency, and access.
“With the right policy backing, investor engagement, and collaborative resolve, the capital market will be pivotal in propelling Nigeria toward its $1 trillion economic ambition,” he said.