Nigeria targets $1trn economy with focus on private capital, development finance

Nigeria is actively seeking to mobilize greater private capital and enhance its development finance institutions to support its ambitious goal of achieving a $1 trillion economy. Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, emphasized that public funds alone cannot finance the nation's economic aspirations.

Speaking at a roundtable in Abuja, Uzoka-Anite stated that Nigeria must reposition its development finance institutions to attract investment and bolster productive sectors. The country's ongoing economic reforms are designed to foster an environment that attracts investment, expands businesses, and generates employment. Achieving the $1 trillion target necessitates sustained investment, robust institutions, improved project preparation, and close collaboration with development partners.

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The aspirations of the Renewed Hope Agenda, the National Development Plan, and Nigeria Agenda 2050 cannot be financed through annual budgets alone.

Nigeria is constructing a coordinated financing ecosystem that integrates public finance, domestic and international capital, development finance institutions, commercial finance, climate finance, and innovative instruments. "The aspirations of the Renewed Hope Agenda, the National Development Plan, and Nigeria Agenda 2050 cannot be financed through annual budgets alone," Uzoka-Anite declared. She urged development partners to align their financing with Nigeria's pipeline of bankable projects to accelerate investment and economic growth.

Minister of State for Industry, Trade and Investment, Sen. John Enoh, highlighted the Bank of Industry's (BoI) role in implementing Nigeria's industrial policy. He noted that the recently launched Nigerian Industrial Policy is being executed through a clear performance framework, with early reports showing progress in industrial clusters, MSME development, skills training, and export competitiveness. BoI's Managing Director, Dr. Olasupo Olusi, added that the bank now measures success by development impact, such as job creation and improved lives, rather than solely by loan disbursement volume. The Annual Development Impact Report (ADIR) reflects BoI's commitment to accountability and measuring the real impact of its interventions.

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Development finance must ultimately be measured by the results, by the jobs it creates, by the industries it builds, and the lives it improves.