Investment research firm Afrinvest has expressed doubts over President Bola Tinubu’s projection that Nigeria’s economy will quadruple to $1 trillion by 2030, warning that inflation, weak oil output, and power sector challenges remain major obstacles to growth.
While reforms such as subsidy removal, FX liberalisation, and improved revenue collection have created a foundation for expansion, Afrinvest noted that current growth levels of around 3–4% fall short of the 7% target required. The firm stressed that without stronger reforms, especially in oil, power, and food security, the trillion-dollar goal is unrealistic.
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For SMEs, Afrinvest highlighted that persistent inflation, unstable electricity, and forex volatility are eroding competitiveness and stifling investment. It called on government to accelerate reforms that improve access to stable power, strengthen food systems, ensure FX stability, and create a supportive business environment that allows small businesses to thrive within the AfCFTA framework.
