President Bola Tinubu wants Nigeria to become a $2 trillion economy like Brazil, Minister of Budget and Economic Planning Atiku Bagudu has said, describing the ambition as a reflection of the President’s belief in the country’s economic potential.
Bagudu made the statement on Tuesday, November 10, 2026, during the unveiling of the All Progressives Congress (APC) 2027–2031 presidential manifesto in Abuja. The document, titled From Reforms to Prosperity, outlines the party’s proposed direction for economic growth, industrial development, job creation and improved living standards.
The minister, who chaired the APC manifesto unveiling committee, said Tinubu believed Nigeria should not place limits on its ambitions when countries such as Brazil had built economies valued at about $2 trillion.
“For Mr President, if Brazil can be a $2 trillion economy, why not Nigeria?” Bagudu said, restating the President’s ambition to position Nigeria among the world’s major economies.
He argued that Nigeria possessed the human resources, natural assets and economic opportunities required to achieve a much larger economy, provided the country implemented policies capable of unlocking its productive capacity.
Bagudu Says Reforms Are Intended to Build a Stronger Economy
Bagudu linked the $2 trillion ambition to the economic reforms introduced by the Tinubu administration, particularly the removal of petrol subsidy and the unification of the foreign exchange market.
According to him, the decisions addressed longstanding structural weaknesses that had constrained public finances, investment and economic growth. He maintained that postponing difficult decisions for political convenience would have made it harder to confront the country’s underlying economic problems.
The minister also said Nigeria had recorded 13 consecutive quarters of economic growth, while inflation was declining and the foreign exchange market was showing signs of improvement.
However, he acknowledged that improved economic indicators had not yet translated into sufficient relief for every household and business.
Bagudu stressed that the administration still had work to do to ensure ordinary Nigerians experienced the benefits of its policies, particularly low-income earners, vulnerable communities and hardworking citizens.
He said Tinubu remained conscious of the economic difficulties facing Nigerians and had repeatedly challenged members of his economic team to make prosperity more widely felt.
The minister added that the private sector had expressed confidence in the administration’s economic direction and was announcing investments in line with the opportunities created by government policies.
Nevertheless, he maintained that the ultimate test of the reforms would be their ability to improve livelihoods and expand economic opportunities across the country.
APC Manifesto Outlines Priorities for 2027–2031
The APC manifesto presents the party’s proposed priorities for the next four years, building on reforms already introduced by the Tinubu administration.
Among the areas highlighted are energy security, industrial development, agricultural productivity, infrastructure expansion, stronger exports and employment generation.
Minister of Industry, Trade and Investment Jumoke Oduwole also outlined targets for expanding Nigeria’s non-oil economy. These include generating at least $15 billion in annual non-oil exports, creating one million export-linked jobs by 2031 and establishing an anchor industrial cluster in each of the country’s six geopolitical zones.
The administration also aims to increase manufacturing’s contribution to gross domestic product to at least 12 per cent.
These targets reflect an effort to reduce dependence on crude oil revenues by expanding domestic production, improving the competitiveness of Nigerian businesses and increasing the country’s participation in regional and international trade.
In addition, the manifesto outlines energy-sector ambitions, including increasing crude oil production to three million barrels per day, expanding electricity generation, strengthening domestic refining capacity and accelerating the adoption of gas-powered transportation.
Achieving these objectives will require sustained investment, reliable infrastructure, effective regulation and stronger coordination between federal and state governments.
Government Defends Difficult Economic Decisions
Chief of Staff to the President, Femi Gbajabiamila, also defended the administration’s economic reforms during the manifesto presentation.
He argued that Tinubu chose to address difficult economic challenges rather than continue policies that, in his view, would have weakened the country’s long-term economic prospects.
Gbajabiamila said the removal of petrol subsidy and changes to the foreign exchange system had imposed immediate pressure on households and businesses. However, he maintained that leaving the underlying problems unresolved would have further limited the government’s ability to invest in national development.
He described the decisions as part of a longer-term approach to economic management, arguing that leadership sometimes required addressing difficult issues despite their immediate political consequences.
The administration has consistently presented the reforms as necessary steps towards stabilising the economy, attracting investment and improving public revenue.
However, the policies have also generated considerable debate because of their effects on transport costs, food prices, business expenses and household purchasing power.
From Economic Growth to Improved Living Standards
While the $2 trillion ambition has attracted attention, Bagudu’s remarks also highlighted the administration’s acknowledgement that economic growth must translate into tangible improvements in people’s lives.
A growing economy does not automatically guarantee higher household incomes, affordable food, accessible healthcare or sufficient employment. Therefore, the government will need to demonstrate how its economic policies can improve productivity, create sustainable jobs and expand opportunities for citizens.
For Nigeria to approach the economic scale associated with Brazil, it will also need to strengthen manufacturing, agriculture, technology, infrastructure and non-oil exports. Furthermore, consistent electricity supply, access to affordable financing and a predictable business environment will be important to supporting private-sector investment.
The proposed industrial clusters and export targets will therefore depend on practical implementation, adequate funding and measurable progress across the country’s regions.
Nigeria’s $2 Trillion Ambition
Bagudu’s statement presents Tinubu’s economic ambition as a long-term goal rather than an achievement already secured. Turning that ambition into reality will require sustained economic expansion, investment, higher productivity and improvements in citizens’ living conditions.
The APC manifesto provides a policy framework for pursuing those objectives between 2027 and 2031. However, its success will ultimately depend on how effectively the government translates its targets into completed projects, stronger businesses, productive jobs and measurable improvements in household welfare.
As the administration continues to defend its reforms, the central question remains whether the expected economic gains can reach Nigerians across different income groups and communities.
For Bagudu, Nigeria should not limit what it believes it can achieve. His comparison with Brazil reflects the President’s conviction that the country has the resources and potential to build a much larger economy, provided the right policies are implemented and sustained.
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