Growth
By Grace Alegba
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says Nigeria is targeting a seven per cent annual Gross Domestic Product (GDP) growth rate.
Edun also said the country requires about 14 billion dollars in annual investment to bridge its infrastructure gap.
He said this on Monday in Lagos at the Islamic Development Bank (IsDB) Day, where he highlighted Nigeria’s deepening partnership with the bank.
According to him, the seven per cent growth target is critical to reducing poverty and outpacing the country’s population growth rate of about three per cent.
Edun said Nigeria had been repositioning its economy to attract large-scale domestic, diaspora and foreign investments within a stable macroeconomic environment.
“We are moving from stabilisation to growth, from reliance on public financing to private capital mobilisation, and from traditional borrowing to innovative financing instruments,” he said.
He noted that Nigeria faces an estimated 14 billion dollars in annual infrastructure financing gap, which the government is addressing through strategic initiatives and partnerships, particularly with the IsDB.
According to him, the Nigeria-IsDB engagement framework for 2026–2028 is anchored on infrastructure development, social investment, innovative finance and regional cooperation.
He listed priority sectors to include energy, transport, agriculture and digital infrastructure to boost productivity and competitiveness.
“In a young country like Nigeria, digital infrastructure is key to empowering our population for innovation, technology and global competitiveness,” he said.
Edun said 2026 has been designated as the year of social development, with plans to integrate up to 10 million Nigerians into productive economic activities.
He said this would be achieved through skills development, financing support and job creation initiatives.
The minister added that government would empower micro, small and medium enterprises to boost production and expand access to markets.
On financing, Edun said Nigeria would deepen the use of Sukuk, expand domestic capital markets and securitise public assets to attract private investment.
He stressed the need to de-risk investments and create an enabling business environment.
Edun said Nigeria was positioning itself as a leader in regional cooperation within the IsDB framework and targeting a one trillion-dollar economy.
The minister emphasised the need to accelerate project implementation and mobilise capital efficiently to create jobs at scale.
In his presentation, Mr Anasse Aissami, Director-General of Country Programmes, IsDB, reaffirmed the bank’s commitment to supporting Nigeria’s economic transformation.
Aissami said the bank had expanded interventions across agriculture, energy, transport, health and education.
He added that IsDB would scale up support to Nigeria over the next five years, exceeding its engagement over the past 25 years.
NAN reports that the IsDB Group Day featured a MoU signing ceremony, business partnership presentations, a news conference and panel discussions, among other activities.
The event brought together senior government officials, private sector leaders, financial institutions, chambers of commerce, development partners and international stakeholders.(NAN) (www.nannews.ng)
Edited by Ijendu Iheaka/ Olawunmi Ashafa
