Nigeria has set an ambitious economic target of achieving a seven per cent annual Gross Domestic Product (GDP) growth rate, as the Federal Government intensifies efforts to reposition the economy and attract large-scale investment, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said.
Speaking on Monday in Lagos during the Islamic Development Bank (IsDB) Day, Edun disclosed that the country requires about $14 billion in annual investment to bridge its infrastructure deficit, describing the target as critical to unlocking sustained growth and reducing poverty.
According to the minister, the growth projection is designed to outpace Nigeria’s population growth rate of about three per cent, thereby improving living standards and economic opportunities. “We are moving from stabilisation to growth, from reliance on public financing to private capital mobilisation, and from traditional borrowing to innovative financing instruments,” Edun said.
He explained that the government is actively repositioning the economy to attract domestic, diaspora, and foreign investments within a stable macroeconomic environment. He added that addressing the infrastructure gap remains central to this strategy, with priority sectors including energy, transportation, agriculture, and digital infrastructure.
Edun further revealed that the Nigeria-IsDB engagement framework for 2026 to 2028 will focus on infrastructure development, social investment, innovative financing, and regional cooperation. He emphasised that digital infrastructure, in particular, is vital in a youthful country like Nigeria, noting that it would empower the population for innovation and global competitiveness.
Highlighting the administration’s broader social agenda, the minister said 2026 has been designated as the year of social development, with plans to integrate up to 10 million Nigerians into productive economic activities through skills development, financing support, and job creation initiatives. He added that the government would continue to empower micro, small, and medium enterprises to boost production and expand market access.
On financing strategies, Edun said Nigeria would deepen the use of Sukuk instruments, expand domestic capital markets, and securitise public assets to attract private investment. He stressed the importance of de-risking investments and strengthening the business environment to drive sustainable growth, while also reiterating the country’s ambition to build a one trillion-dollar economy.
Also speaking at the event, the Director-General of Country Programmes at the IsDB, Mr. Anasse Aissami, reaffirmed the bank’s commitment to Nigeria’s economic transformation. He noted that the institution has expanded its interventions across key sectors such as agriculture, energy, transport, health, and education.
Aissami added that the IsDB plans to scale up its support to Nigeria over the next five years, exceeding its cumulative engagement over the past 25 years, signalling stronger collaboration between both parties.
The IsDB Group Day featured a series of activities including the signing of a Memorandum of Understanding, business partnership presentations, panel discussions, and a news conference. The event brought together senior government officials, private sector leaders, financial institutions, development partners, and other stakeholders, underscoring Nigeria’s push to mobilise capital and accelerate economic transformation.
