The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has stated that the rise in Nigeria’s yearly average GDP growth from two per cent to about four per cent currently was not enough to lift millions of Nigerians out of poverty.
Edun stated this in Lagos at the Nigeria Business Summit 2026 with the theme “Powering Sectors, Growing Sustainable SMEs, Unlocking Global Trade,” which was organised by the Stanbic IBTC.
The minister, who addressed the summit virtually, said that the government was focused on enhancing the productive capacity of the Nigerian economy.
He said: “For nearly a decade, our GDP has averaged around two per cent per annum and we have just recently moved into a new phase where GDP is now about four per cent per annum.
“It is an important improvement and yet it is still below the level required to move Nigerians out of poverty in their millions, which is the overall aim and objective of President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda and Action Plan’”.
Edun said that the government’s focus was currently on supporting productivity, supporting the productive sectors in particular.
“As a government, our focus remains to sustain macroeconomic stability while supporting the productive sectors of the economy despite the fiscal constraints,” he said.
Edun said that sectors such as energy, agriculture, manufacturing, technology would remain critical to unlocking productivity.
He said: “For example, agriculture contributes 25 per cent of GDP, yet its full value chain potential remains underdeveloped.
“The energy sector reforms and liberalisations are aimed at unlocking private capital and improving supply reliability.
“And the latest of these initiatives to attract investment, particularly private investment, into that sector was launched a couple of weeks ago when the Federal Executive Council approved the setting up of the Grid Asset Management Company.
“We need to help to bring into operation and get the benefit from what are currently described as standard capacity in the generating portion of the power sector.
“Third, we must expand our participation in regional and global trade.”
The minister said that part of the government’s effort to enhance Nigeria’s participation in regional and global trade was the operationalising of the first phase of the National Single Window Initiative because the country’s true potential really came from being a leading export economy in spite of its over 200 million population that guarantees large domestic market.
He said: “The African Continental Free Trade Area Agreement presents a historic opportunity for Nigerian businesses to scale.
“We must, therefore, improve trade infrastructure and logistics, enhance competitiveness, we must support businesses to access regional and even continental markets, and strengthen Nigeria’s role in the global value chain.
“As we know, Africa as a whole is about 3.0 per cent of world trade, and the intra-African trade is about 15 per cent, way below the levels that are optimal and that we can achieve to mutual benefits in a way that helps us to grow our economies and reduce poverty.
“So, trade will be a key driver of diversification and, of course, of foreign exchange earnings.
“When we look at public-private partnerships, particularly government partnership with the private sector, it is important to emphasise that government cannot drive transformation alone.
“Sustainable growth will depend on strong partnerships between the public and private sector built on trust, consistency, shared commitment for shared prosperity.”
Edun said that the theme of the summit, which emphasised growing sustainable SMEs, was extremely relevant in Nigeria.
“But looking at supporting SMEs, first we must strengthen that sector as the backbone of the economy.
“As I said earlier, these enterprises account for over 90 per cent of businesses in Nigeria and of course they employ the majority of that business sector workforce.
“Their growth is, therefore, central to inclusive development.
“So the priority number one is expanding access to affordable financing for SMEs. Number two, improving the ease of doing business. Three, supporting digitisation and formalisation of what is a mainly informal sector.
“And four, enabling SMEs to integrate into the value chains that are available across all sectors of the economy.
“So a strong SME sector will drive job creation, innovation and resilience. Second, we must deepen investment in key productive sectors,” he said.
Edun said that the role of the government is to maintain a stable economic environment, to implement transparent and predictable policies, and to remove structural constraints to investments and enterprises, including infrastructure and bureaucratic constraints.
“Our shared ambition, as determined and set for us as an objective by Mr. President, is to build a $1 trillion economy, and it is achievable.
“But it will depend on businesses, especially SMEs, scaling up, innovating, and competing across Africa and globally,” he said.
In his opening remarks, the Group Chief Executive of Stanbic IBTC Holdings Plc, Mr. Chuma Nwokocha, who was represented by the Chief Financial Officer, StanbicIBTC Bank, Mr. Kunle Adediji, said that the summit was an opportunity for learning, connection and forward thinking conversation.
He said: “We brought together experts across multiple sectors because the challenges cut across and are interconnected,” adding that the summit will cover agric business, renewable energy, Africa, China and Middle East trade and the rapidly evolving world of Information Technology and Communication that have continued to shape Nigerian economic landscape.
The Governor of Lagos State, Mr. Babajide Sanwo-Olu, commended the StanbicIBTC for convening the summit whose theme reflected the direction we are all collectively walking towards.
Sanwo-Olu, who was represented by the Commissioner for Economic Planning and Budget, Mr. Mosopefolu George , said that his administration had empowered over 200,000 SMEs’ entrepreneurs with access to finance, skill development and business support.
Dike Onwuamaeze
