Sanyade Okoli, Special Adviser to President Bola Tinubu on Finance and the Economy, says Nigeria’s economy is projected to grow 4% in 2025 and 5% in 2026.
Speaking at the Nigeria Investors Forum in Washington, D.C., United States, held on the sidelines of the World Bank–IMF Annual Meetings, Okoli said Nigeria has already achieved a growth rate of 4%, with Q2 2025 showing 4.3% growth.
“We know we need to diversify the economy — and we’re seeing results,” Okoli said.
He explained that in Q2, 13 sectors grew above 7%, compared to 9 sectors in Q1.
According to him, Nigeria’s dependence on oil for total exports has dropped to 57.5% in the first half of 2025 — a decline from previous years — while oil now contributes only about 4% of GDP, down from 8% in 2021.
“The economy is diversifying, and resilience is building,” he added.
Okoli said Nigeria’s oil sector is also improving, with daily crude production expected to reach 2 million barrels per day by 2027, and further growth anticipated by 2030 — supported by better security and management reforms.
The presidential aide also outlined ongoing partnerships with the private sector and development partners to boost infrastructure and drive long-term growth.
“On roads, the Highway Development and Management Initiative has identified over 10 routes for PPPs,” he said.
“On power, we’re partnering with the World Bank and AfDB to mobilise about $32 billion to improve electricity access and reliability.
“On digital infrastructure, we’re laying 90,000 kilometres of fibre-optic coverage to future-proof connectivity for our young population.”
Okoli said agriculture remains central to Nigeria’s growth and job creation strategy and is critical to reducing food inflation.
He also noted that the government is investing in human capital, citing programmes such as the Nigerian Education Loan Fund (NELFUND) for interest-free student loans and the Digital Health Initiative.
On fiscal policy, Okoli reported improvements in Nigeria’s public finances, stating that while expenditures have risen slightly, revenues are increasing and deficits are narrowing.
“The federal government’s deficit-to-GDP ratio is now around 3.6%, down from over 4% previously — trending toward the 3% target,” he said.
He added that non-oil revenue has remained strong, driven by improved tax compliance, automation, and digitisation across the system.