Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has unveiled an ambitious roadmap to drive the country’s economy forward.
He disclosed that the nation is aiming for a 7 per cent annual Gross Domestic Product growth rate and will need roughly $14 billion in fresh investments each year to close its massive infrastructure deficit.
Edun announced this on Monday in Lagos during the Islamic Development Bank Day, where he spotlighted the country’s growing alliance with the IsDB.
The minister noted that reaching this growth level is vital for slashing poverty rates and staying ahead of Nigeria’s roughly 3 per cent population expansion.
He added that the government is actively reshaping the economy to pull in major domestic, diaspora and foreign capital within a stable macroeconomic climate.
“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 authorities are tackling the estimated $14 billion yearly infrastructure funding shortfall through focused initiatives and strong partnerships, especially with the Islamic Development Bank.
According to Edun, the Nigeria-IsDB engagement framework for 2026–2028 will rest on four pillars: infrastructure development, social investment, innovative finance and regional cooperation.
Priority sectors include energy, transport, agriculture and digital infrastructure, all designed to lift productivity and sharpen the nation’s competitive edge.
“In a young country like Nigeria, digital infrastructure is key to empowering our population for innovation, technology and global competitiveness.”
The government has declared 2026 the year of social development and plans to bring up to 10 million Nigerians into productive economic roles.
This will happen through skills training, targeted financing support and wide-ranging job creation programmes.
Edun added that officials will empower micro, small and medium enterprises to ramp up production and open new market doors.
On the financing front, he said Nigeria will expand the use of Sukuk, broaden domestic capital markets and securitise public assets to draw more private investment.
He stressed the need to de-risk projects and build an enabling business environment.
“Nigeria is positioning itself as a leader in regional cooperation within the IsDB framework and targeting a $1 trillion economy,” Edun emphasised, urging faster project delivery and smarter capital mobilisation to create jobs on a massive scale.
The Director-General of Country Programmes at the IsDB, Anasse Aissami, reaffirmed the bank’s full support for Nigeria’s economic overhaul.
Aissami noted that the institution has widened its work in agriculture, energy, transport, health and education, and will now scale up assistance to Nigeria over the next five years—surpassing its total engagement over the past 25 years.
The IsDB Group Day featured the signing of a Memorandum of Understanding, business partnership presentations, a news conference, panel discussions and several other activities.
The event drew senior government officials, private sector leaders, financial institutions, chambers of commerce, development partners and international stakeholders.
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