The Trade Union Congress of Nigeria (TUC) has cautioned that the country’s aspiration to become a $1 trillion economy will remain unattainable if it continues to grow at its current pace of just 3%, with its GDP stagnating at about $300 billion.

Speaking on Monday at the opening of the South-West Labour Summit 2025, TUC President Festus Osifo stressed that Nigeria is blessed with abundant untapped resources including vast arable land and solid minerals but is being held back by the absence of critical structural reforms.

“For a country that has huge potential, and we are saying we want to get to a $1 trillion economy, how?” Osifo questioned. “The lands and solid minerals are there to grow the economy. The way the country is structured, until we look at the fundamentals, it will not work. There must be a consensus where everybody must come together strongly to be able to grow the national output of the GDP.”

Speaking during a session focused on agricultural opportunities, Osifo criticised state governors for their lack of initiative, accusing them of being “lazy and not innovative enough” and relying excessively on monthly federal allocations.

“Because of federal allocation, the majority of governors fold their hands without thinking outside the box to increase their land sizes,” he said.