Federal Government Targets Investment-Grade Rating by 2030 As Part of $1trn Economy Plan

The federal government has said its ambition to achieve investment-grade sovereign credit rating by 2030 must be driven by stronger economic fundamentals and not pursued as an end in itself.

Delivering a keynote address at the 2026 International Credit Rating Webinar organised by DataPro Limited on Thursday, the Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, said achieving investment-grade status is mutually reinforcing with the National Development Plan 2026-2030, which envisages a $1 trillion economy by 2030.

The webinar, themed ‘Achieving Investment-Grade Rating By 2030: The Roadmap for Nigeria’, was convened to deepen understanding of sovereign credit ratings and explore Africa’s roadmap to investment-grade status.

Uzoka-Anite commended DataPro for sustaining efforts to deepen awareness of the significance of credit ratings to economic development, investment and financial stability, noting that the discussion comes at a time of geopolitical tensions, energy and food price uncertainties and elevated financing costs.

She said, “sovereign credit ratings are more than assessments of a country’s ability to meet its financial obligations, as they reflect investor confidence in economic institutions, policy environment and capacity to attract long-term capital. Ratings can influence borrowing costs, investment decisions and access to international financing for governments and businesses.”

“Investment grade should be the outcome of stronger economic fundamentals, sustainable public finances, improved debt dynamics, rising productivity, stronger external buffers and credible institutions, not an end in itself,” the Minister said.

According to her, the National Development Plan 2026–2030 provides a framework for building a more diversified, resilient and competitive economy. Its preferred development scenario envisages nominal output approaching US$1 trillion by 2030, while also strengthening productive capacity, attracting investment, generating employment and improving welfare.

She noted that “Nigeria’s experience under the NDP 2021–2025 revealed both resilience and structural challenges. Real GDP growth averaged 3.11 percent against a target of 4.65 percent, constrained by fiscal space, inflation and infrastructure gaps.”

Recent trends show progress, with the World Bank reporting 3.87 percent growth in 2025 and inflation moderating from 2024 levels, though cost-of-living pressures remain.

The IMF’s June 2026 assessment projected 4.1 percent growth for 2026 and noted improvements in external reserves, while stressing the need for fiscal adjustment and debt sustainability.

Uzoka-Anite said the federal government since 2023 has pursued difficult but necessary reforms including petrol subsidy removal, foreign exchange market reforms, public financial management and domestic revenue mobilisation, with the enactment of four major tax laws in 2025 to simplify administration and improve compliance.

She said the journey to stronger creditworthiness requires consistent reforms, sound data and constructive engagement with investors, central to the reform agenda of President Bola Tinubu.

“As Nigeria advances towards 2030, success will depend on strength of fundamentals and ability to translate plans into measurable results. With ongoing reforms, the country is moving in the right direction towards a diversified, resilient and globally competitive $1 trillion economy, while laying foundation for stronger sovereign creditworthiness,” she said.