The Minister of Budget and Economic Planning, Abubakar Bagudu, has reaffirmed President Bola Tinubu’s commitment to inclusive, sustainable, and innovation-driven development, stating that it is central to achieving a $1 trillion economy by 2030.

Bagudu made this known on Tuesday in Abuja during the inaugural Annual Advocacy Lecture of the Nathaniel Atebije Foundation for Planning Advocacy.

Nigeria Finalising 2026 Development Plan

According to the minister, Nigeria is currently finalising its 2026 National Development Plan, which will serve as a key roadmap toward the administration’s economic transformation agenda.

“Nigeria is not where we want to be, but we are determined to move forward with clear choices and a shared vision to unite all Nigerians towards achieving a $1 trillion economy,” he said.

He stressed that achieving this target will require collaboration across sectors, including professionals, intellectuals, and policymakers.

“This goal cannot be achieved in isolation. It requires deep thought, collaboration, and contributions from all sectors of our society,” Bagudu added.

Three Pillars of Development

The minister identified inclusiveness, sustainability, and innovation as the three core pillars of Nigeria’s development strategy.

“Development must include everyone, it must be sustainable over time, and it must embrace innovation, because what worked yesterday may not work today,” he said.

He noted that national development goes beyond economic policy and must integrate physical, environmental, social, and financial planning.

Planning Key to Stability and Growth

Bagudu highlighted the importance of physical planning as a critical driver of economic growth and national stability.

He linked recurring conflicts across the country, particularly land-related disputes involving farmers and herders, to weak or poorly implemented planning systems.

“Many of the conflicts we face today stem from how we use land and space. Poor planning breeds tension, while good planning fosters peace and prosperity,” he stated.

He added that planning should focus on people and how communities coexist, not just infrastructure and land use.

Call for Collaboration Across Government

The minister emphasised that effective national development requires strong coordination among federal, state, and local governments.

“Development is a shared responsibility. Federal, state, and local governments must collaborate to ensure planning is inclusive and effective,” he said.

He also stressed the need for modern planning approaches to address population growth and rapid technological changes.

Focus on Future, Not Past

Bagudu urged stakeholders to prioritise forward-looking solutions rather than dwelling on past challenges.

“Rather than spend all our energy debating the past, we must focus on what unites us and drives collective action for the future,” he said.

He linked the strategy to the administration’s Renewed Hope Agenda, which aims to drive national unity and economic progress.

Outlook

The minister concluded that Nigeria’s ability to achieve sustainable growth, reduce conflict, and build a stable society will depend largely on how effectively it manages its physical and economic spaces.

“If we get our planning right—by being inclusive, sustainable, and innovative—we will create opportunities for all Nigerians and build a more prosperous and united nation,” he said.

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Nigeria’s banking sector is undergoing one of its most comprehensive reforms in decades, as deposit money banks move to raise an estimated ₦4.14 trillion in fresh capital ahead of the March 31, 2026 recapitalisation deadline, according to a report by global professional services firm, Deloitte.

The recapitalisation exercise, introduced by the Central Bank of Nigeria (CBN) in April 2024, is aimed at strengthening financial stability, improving resilience to macroeconomic shocks, and positioning the banking system to support Nigeria’s ambition of building a $1 trillion economy by 2030.

Under the new framework, the CBN significantly raised minimum capital requirements, setting thresholds at ₦500 billion for commercial banks with international licences, ₦200 billion for national banks, and ₦50 billion for regional banks.

Merchant banks are required to maintain ₦50 billion, while non-interest banks must hold between ₦10 billion and ₦20 billion, depending on licence scope.

Unlike previous recapitalisation exercises, the apex bank adopted a stricter definition of qualifying capital, limiting it to paid-up share capital and share premium, while excluding retained earnings and other reserves.

This change effectively compelled most banks to raise new funds, even those that previously appeared adequately capitalised.

Deloitte noted that the policy shift became necessary as banks’ capital buffers were eroded by prolonged macroeconomic pressures, including high inflation, rising interest rates, exchange rate volatility, and foreign exchange illiquidity.

The firm said the recapitalisation would enable Nigerian banks to take on larger risks, strengthen liquidity positions, and expand their capacity to absorb losses arising from domestic and external shocks.

Progress so far suggests the sector is responding positively. CBN Governor Olayemi Cardoso disclosed that 27 banks have raised capital through public offers and rights issues, with 16 banks already meeting or exceeding the new minimum capital requirements well ahead of the deadline.

Speaking at the recent Bankers’ Dinner in Lagos, Cardoso said the recapitalisation programme remains on track, noting that stress tests conducted during the year confirmed the sector’s resilience, with key financial soundness indicators remaining within regulatory benchmarks.

He added that, with months left to the deadline, several banks are well positioned to comply comfortably, while others are making steady progress.

To safeguard the trillions of naira being injected into the financial system, the CBN is redesigning its credit-risk framework, focusing on stronger governance, improved transparency, and firmer accountability. The objective, according to Cardoso, is to prevent the boom-and-bust cycles that followed past recapitalisation efforts.

As part of the reforms, the apex bank has established a dedicated Compliance Department to oversee financial crime supervision, market conduct, corporate governance, enterprise security, and Environmental, Social and Governance (ESG) compliance.

In addition, the Credit Risk Management System (CRMS) has been upgraded and web-enabled, allowing banks to submit statutory returns and conduct real-time borrower checks, with plans underway to integrate the platform more closely with banks’ internal systems.

At its 303rd Monetary Policy Committee (MPC) meeting, the CBN-led committee expressed satisfaction with the banking system’s resilience and urged the apex bank to ensure a smooth conclusion of the recapitalisation process.

Beyond financial stability, regulators view the exercise as critical to Nigeria’s long-term growth strategy. Cardoso said the current capital base of Nigerian banks would be insufficient to finance a $1 trillion economy without decisive reforms.

CBN Deputy Governor Emem Usoro described recapitalisation as a key pillar of national economic planning, while UBA Group Managing Director, Oliver Alawuba, said the policy would strengthen banks’ ability to withstand shocks and fund long-term development.

Despite the higher capital thresholds, the CBN has reassured the public that the sector remains stable, noting that the non-performing loan ratio is within the five per cent prudential limit and liquidity ratios remain above regulatory minimums.

Analysts say the success of the recapitalisation programme will be critical in determining not only the future strength of Nigeria’s banking sector but also its capacity to drive sustainable economic growth in the coming years.

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The Nigerian government has projected that the economy will hit $1 trillion in value by 2030. For many, it sounds like another ambitious headline easily dismissed, like so many before it. But beneath the rhetoric lies a serious opportunity, one that rewards not just optimism, but strategy.

Economic indicators suggest momentum is building. In Q1 2025, Nigeria’s GDP grew 3.13% year-on-year, reaching N372.8 trillion (about $243.7 billion), with a boost from GDP rebasing that now includes digital services, pensions, and informal sectors. Non-oil revenue hit N20.59 trillion between January and August; a 40.5% rise over the same period last year.

President Bola Tinubu has framed this growth as evidence that Nigeria is on the right path. Crucially, the country is no longer betting solely on oil. Government reforms now target agriculture, tech, solid minerals, manufacturing, and the creative economy as drivers of sustainable growth.

To support this pivot, agencies have been repositioned. The Nigerian Investment Promotion Commission (NIPC) is focused on investor facilitation. The Corporate Affairs Commission (CAC) is simplifying registration. The Standards Organization of Nigeria (SON), the Nigerian Export Promotion Council (NEPC), and the Central Bank of Nigeria (CBN) are similarly sharpening their focus on competitiveness and regulatory support.

Yet, for all the policy ambition, execution remains complex. Entrepreneurs face a maze of overlapping regulations and compliance obligations. For example, an agricultural exporter must meet SON standards, secure NEPC registration, align with CBN financing rules, and clear Customs — all before shipping a single product.

The 2025 Tax Act, which replaced the FIRS with the Nigeria Revenue Service, is another example. Intended to broaden the tax base and improve enforcement, it has also introduced new compliance demands that businesses must navigate with care.

Too often, legal counsel is viewed as an afterthought someone to call when trouble arises. In today’s evolving regulatory environment, that mindset can be costly. A well-positioned lawyer does far more than draft contracts or settle disputes. They interpret policy, mitigate risk, and help clients engage effectively with government institutions.

Those who succeed in Nigeria’s next economic phase will not necessarily be the biggest or most innovative players they’ll be the ones who understand how to align with policy early, and who take regulatory compliance seriously from day one.

This was evident during the banking sector reforms of the early 2000s. At the time, many dismissed recapitalization as political noise. Yet those who positioned themselves strategically often with strong legal guidance became market leaders in the restructured financial sector.

The same applies today. Nigeria’s trillion-dollar vision is not automatic. It will reward those who take the time to understand the rules, anticipate regulatory changes, and engage the right professionals to guide their strategy.

In this context, legal advisors are not optional, they are strategic partners. Even where a lawyer may not be a sector expert, the strength of legal networks often makes the difference in getting access to decision-makers, resolving bottlenecks, or unlocking new incentives.

As Nigeria moves toward its 2030 goal, the real question is not whether the $1 trillion figure is realistic. It’s whether individuals, entrepreneurs, and investors are prepared to engage intentionally and with the right guidance.

Fortune, in this case, will favour not only the bold, but the well-advised.

By: Adedamola Ayodele
Source: Punch

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