The Nigerian Exchange Group (NGX) has identified policy inconsistency and currency volatility as major obstacles to the Federal Government’s plan for a $1 trillion economy by 2030.
Speaking with our correspondent on Tuesday, NGX Chairman Dr. Umaru Kwairanga urged structural reforms, coordinated policies, and collaboration between the public and private sectors to overcome these challenges.
“One recurring issue that may pose a serious threat to actualising the $1 trillion economy is policy somersaults by the government,” Kwairanga said.
He warned that shifting government directives create uncertainty, making it difficult for stakeholders to plan toward such an ambitious target.
“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.”
He recommended forming a dedicated body led by technocrats drawn from both the public and private sectors, operating independently of the traditional civil service framework.
Kwairanga also highlighted the adverse impact of recent naira devaluations. “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 noted.
He expressed cautious optimism that the naira has begun to stabilise and may even appreciate as economic rescue measures take hold.
Looking abroad, he pointed to the risk of a global trade war spurred by U.S. tariffs. “This could dampen growth in the short to medium term globally and affect the Nigerian economy too,” he said. “The solution I think is to monitor developments closely in order to take appropriate action to mitigate any risks that might arise.”
Dr. Kwairanga emphasized that Nigeria’s capital market can drive 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.
As policymakers and market stakeholders deliberate on the path forward, the NGX calls for a unified approach to ensure Nigeria’s economic trajectory remains on course.
