FG targets 7% econimic growth

… says Nigeria is on path of accelerated growth

Coordinating Minister of the Economy, Taiwo Oyedele, has said the Federal Government is targeting a 7 per cent economic growth rate as part of efforts to accelerate development.

Speaking on the state of the economy at the press briefing after the conclusion of the 2026 Annual Meetings of the World Bank in Bangkok, Thailand, on Saturday, Oyedele said the government is focused on driving growth across all sectors.

He noted that the pressures previously driven by foreign exchange have eased, with attention now shifting to other areas.

“The pressure is now coming from food, energy and logistics. It used to be FX, but no more. We are dealing with it decisively,” he said.

According to him, the country is on a path of accelerated growth, citing the recent overhaul of the tax system.

“We chose that phrase because indeed we are rising. Nigeria is a world case study that we should be proud of. We rewrote the entire tax system in a few years. This means we are on the path of accelerated growth,” he said.

He urged Nigerians to be more positive about the country and pay attention to government reforms.

“We encourage Nigerians to pay attention to what the government is doing. Be more positive about your country. There are opportunities everywhere,” he added.

In his remarks, Governor of the Central Bank of Nigeria, Olayemi Cardoso, said that in spite of global fragmentation, the global economy has weathered the storm, but warned against complacency.

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“In spite of global fragmentation, the global economy has weathered it. But there is an appreciation that we cannot afford to rest on our oars,” Cardoso said.

He stressed the importance of the private sector and collaboration between government and businesses to create an enabling environment for investment and job creation.

“The importance of the private sector is to ensure an enabling environment is put in place to invest, thrive and create jobs,” he said.

“There has not been a greater time for collaboration across governments and the private sector than now. We find that people watch everything that goes on in the economy these days,” Cardoso added.