Nigeria needs $20bn annually for 7% growth by 2027 – Edun
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Fri revealed that Nigeria requires an annual investment of $20 billion to achieve a 7% economic growth rate by 2027.
Edun made this disclosure while speaking on ARISE News Channel.
He also noted that the recently passed Medium Term Expenditure Framework anticipates significant investments between 2025 and 2027.
He revealed that the federal government had launched a presidential initiative aimed at unlocking the healthcare value chain, with a goal of producing 70% of Nigeria’s pharmaceutical needs locally by 2030.
Edun said, “We need to commit ourselves to raising another $20 billion in investment expenditure that would take us by 2027, to about seven per cent economic growth. I am sure you will agree that with our Gross Domestic Product (GDP) growing at seven percent, the issue of human development index, multi-dimensional poverty as well as other social and economic indicators would be moving in the right direction.
“Looking at the information available to us, the Nigerian economy is stabilising and is indeed set to move on an upward trajectory, trajectory.”
On initiatives to boost the healthcare sector, he said, “Just yesterday (Thursday), we had a meeting with the healthcare sector, and it was a presidential initiative on unlocking the healthcare value chain with a commitment of producing 70 percent of our drugs, our pharmaceutical products and needed supplies in Nigeria by 2023.
“Already, there is a $5 billion pipeline of investments awaiting investors in that sector. So things are definitely on the move. There is a change for the better.”
The minister also mentioned that tax reform is underway, with legislation progressing through the National Assembly. The reform aims to increase tax revenue as a percentage of GDP, bringing it in line with levels seen in other African countries and globally.
Speaking on the 2025 appropriation bill, Edun said: “We are confident that given the work of the economic management team, given the preparation that has gone into the medium-term expenditure framework this budget will be diligently executed.
“Above all, it’s so important to emphasise that what is the basis of a budget? It is revenue. Where is Nigeria’s revenue headed? up? Why?
“Because the President has stopped the hemorrhaging. He has stopped the loss of five percent of GDP, worth $15 to $20 billion a year.”
