Double-Digit GDP Growth Crucial to Achieve $1 Trillion Economy Goal — UBA GMD

Abuja, April 15 — The Group Managing Director of United Bank for Africa (UBA), Mr. Oliver Alawuba, has stated that Nigeria must achieve double-digit GDP growth to realize its ambitious $1 trillion economy target by 2030.

Speaking at the 36th edition of the Finance Correspondents and Business Editors Seminar in Abuja on Monday, Alawuba emphasized that consistent 10% annual economic growth is both attainable and necessary for Nigeria to reach the landmark target.

The seminar, organized by the Central Bank of Nigeria (CBN), is themed: “Playing the Global Game: Banking Recapitalisation Towards a One-Trillion Dollar Economy.”

“We need to grow at double digits to get to a one-trillion dollar economy by 2030. A 10 per cent growth rate is achievable,” Alawuba said.

He highlighted that currently, total banking assets represent only 12% of Nigeria’s GDP, compared to over 70% to 100% in more developed economies. This disparity, he noted, signals a vast untapped potential for banks to mobilize deposits, investments, and capital to fuel other sectors of the economy.

“Strong banks are critical to building a strong economy. Profitability and robust reserves will enable banks to better support the economy,” he added.

Alawuba also pointed out that with the ongoing banking recapitalization drive, banks are well-positioned to raise the capital needed to elevate Nigeria’s economy significantly.

CRR, Infrastructure, and Economic Policy Reforms

The UBA chief further expressed concerns over the 50% Cash Reserve Ratio (CRR), calling it unsustainable in the long term and a potential hindrance to economic growth.

“A 50% CRR is not sustainable if we are serious about driving growth. As inflation responds to CBN policies, we expect CRR to come down.”

Alawuba urged the government to provide a solid institutional framework and policy support to encourage bank investments in critical infrastructure such as roads, ports, power, and digital connectivity.

He also advocated for:

• Improved security
• Expanded financial inclusion
• Tax incentives
• A shift from a primary to a secondary economy, through value addition and industrialization

“With the right environment, banks can unlock immense opportunities. Capital won’t be a constraint — sustainability will not be a problem.”

Alawuba’s remarks align with broader calls from industry leaders and economic experts urging for holistic reforms, private sector empowerment, and long-term investments to achieve Nigeria’s trillion-dollar ambition.