Tinubu Sets 7% Growth Target as Nigeria Struggles with Economic Pressures

President Bola Tinubu has set an ambitious target of 7 percent annual economic growth, pledging to steer Nigeria out of its financial difficulties.

Figures released for the first quarter show the economy expanded by 3.13 percent, a result boosted by a rebasing of the country’s gross domestic product (GDP). The exercise raised Nigeria’s GDP to $243.55 billion, but the growth rate remained below expectations.

Addressing the federal cabinet, President Tinubu said recent reforms had strengthened macroeconomic stability and restored investor confidence. He acknowledged, however, that low public savings continue to hold back growth.

Critics argue the president has not delivered on the hopes that swept him to power 14 years ago. They point to worsening insecurity in the conflict-affected north and an economy that was once Africa’s largest but is projected by the International Monetary Fund to slip to fourth place this year.

Tinubu’s reforms include scrapping long-standing and costly gas subsidies, alongside central bank measures such as currency devaluations intended to stabilise the foreign exchange market. These steps were designed to cut government spending and attract foreign investment.

Yet analysts say poor implementation has driven up costs across the economy, with households hit hard by soaring prices and a lack of timely support programmes.