Nigeria back on track towards industrialisation — Finance Minister Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that Nigeria is once again advancing toward industrialisation after decades of economic inertia following independence.
Edun made this assertion during his remarks at the African Sovereign Investment Forum (ASIF), hosted by the Nigerian Sovereign Investment Authority (NSIA) in Abuja on Monday.
Reflecting on Nigeria’s economic journey, Edun remarked, “We all know our founding fathers at independence had a vision. They moved from politics to focus on the economy. But it stalled, that’s the word I’ll use.
“In Nigeria, industrialisation had stopped. But today, we are about to have 1.2 million barrels per day of crude refining capacity.
“We again have petrochemical complexes producing raw materials for the chemicals, paints, textiles, rubber, and building materials industries, and of course fertiliser for agriculture.”
“This is the road to industrialisation,” he added, “the road to value added domestically that will make building factories and investing in Nigerian and African production attractive, not just to local producers, but also to the rest of Africa.”
The minister underlined the importance of three critical pillars for Africa’s economic advancement: large-scale capital mobilisation, regional and continental cooperation, and alignment between human capital and policy frameworks.
“You can’t do anything without capital, capital is the key,” he said. “We must reach scale in mobilising blended capital platforms that can absorb institutional funding from across the world.”
He called for the creation of a conducive environment for private sector investment, stating, “One of the particular aspects we must succeed in is convincing even ourselves, our authorities, that the private sector is where the real money is. And if you are going to attract private sector investors, then you have to meet their terms. You have to have the philosophical mindset that makes conditions amenable for the private sector.”
During his speech, Edun also commended the Nigerian Sovereign Investment Authority for its strategic contributions to development finance.
“I’m very proud of our own Nigerian Sovereign Investment Authority. It has played a crucial role in capital mobilisation, positioning itself as a leading capital provider and a trusted gateway for global investors seeking high-impact opportunities in Nigeria and across Africa,” he said.
Edun referenced several landmark initiatives backed by the NSIA, including the Green Guarantee Company, the world’s first climate-focused guarantee institution, co-founded with the Green Climate Fund, the UK’s Foreign, Commonwealth and Development Office (FCDO), and the United States Agency for International Development (USAID). This initiative has already secured approximately $1 billion in guarantees for climate-related projects.
He also mentioned the Chapel Hill Denham Nigerian Infrastructure Debt Fund, Nigeria’s first and largest infrastructure debt fund, which mobilises long-term capital from institutional investors to finance key infrastructure projects.
In addition, Edun cited collaborative programmes such as the World Bank’s 300 Initiative, developed in partnership with Africa50, the International Solar Alliance, and the United Nations Sustainable Energy for All, which are focused on channelling significant capital into underserved areas via distributed renewable energy systems.