The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that Nigeria is targeting an ambitious annual Gross Domestic Product (GDP) growth rate of seven per cent.
Speaking on Monday in Lagos during the Islamic Development Bank (IsDB) Day, Mr. Edun emphasized that this growth trajectory is essential to effectively reduce poverty and stay ahead of the nation’s three per cent population growth rate.
The Minister revealed that Nigeria currently faces an annual infrastructure financing gap estimated at $14 billion.
To bridge this deficit, the Federal Government is repositioning the economy to attract large-scale investment from domestic, diaspora, and foreign sources within a stable macroeconomic environment.
Edun noted that the administration is transitioning from a reliance on public financing to the mobilization of private capital, utilizing innovative financing instruments rather than traditional borrowing.
The engagement framework between Nigeria and the IsDB for the 2026–2028 period is anchored on several key pillars, including infrastructure development, social investment, and regional cooperation. Priority sectors identified for this partnership include energy, transport, agriculture, and digital infrastructure.
Edun also highlighted digital infrastructure as a vital tool for empowering Nigeria’s youth and ensuring global competitiveness in technology and innovation.
In addition to infrastructure, he revealed that the government has designated 2026 as a pivotal year for social development.
The Minister outlined plans to integrate approximately 10 million Nigerians into productive economic activities through targeted skills development, financial support, and job creation initiatives.
This strategy includes empowering micro, small, and medium enterprises (MSMEs) to expand their production capacities and gain broader market access.
Regarding the specific financial mechanisms to be used, Mr. Edun stated that Nigeria intends to deepen the use of Sukuk bonds, expand domestic capital markets, and securitize public assets to attract private investors.
By de-risking investments and creating a more enabling business environment, the government aims to position Nigeria as a leader in regional cooperation while pursuing the ultimate goal of becoming a $1 trillion economy.
Reaffirming the bank’s support, Mr. Anasse Aissami, the Director-General of Country Programmes at the IsDB, confirmed that the institution is committed to scaling up its interventions in Nigeria over the next five years.
The IsDB’s expanded support will cover health, education, and energy, exceeding the scope of its engagement over the past quarter-century.
The IsDB Group Day event concluded with the signing of a Memorandum of Understanding and various business partnership presentations involving senior government officials and private-sector leaders.