Nigeria has set an ambitious target of achieving 7 per cent Gross Domestic Product (GDP) growth, alongside plans to mobilise about $14 billion annually for infrastructure development, as part of efforts to strengthen the economy and reduce poverty.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this while speaking at the Islamic Development Bank (IsDB) Day event held in Lagos.
The forum was organised by the Islamic Development Bank (IsDB) in collaboration with Nigerian stakeholders to deepen development partnerships and economic cooperation.
Edun explained that the government is transitioning from a phase of economic stabilisation to one focused on accelerated growth, noting that achieving a seven per cent expansion is essential to improving livelihoods and lifting millions of Nigerians out of poverty.
“Our broader objective remains economic transformation. In the near term, we are targeting GDP growth of about seven per cent,” he said, stressing that such growth would significantly reduce poverty levels.
He noted that the administration’s strategy is anchored on coordinated fiscal and monetary policies, alongside structural reforms designed to attract investment and boost productivity across key sectors.
A central pillar of the plan is a proposed $14 billion investment in infrastructure, aimed at unlocking economic potential in transportation, energy, and digital connectivity.
According to Edun, these investments are critical to driving industrialisation and enhancing private sector participation.
“We are moving from stabilisation to growth, from reliance on public financing to private capital mobilisation, and from traditional borrowing to innovative financing instruments,” he stated.
The minister emphasised that Nigeria’s growth agenda is not oil-dependent but is instead driven by diversification, innovation, and improved productivity.
He added that creating a more business-friendly environment remains a priority to attract both domestic and foreign investors.
Edun further highlighted that ongoing reforms were beginning to stabilise macroeconomic conditions, restore investor confidence, and lay the foundation for long-term economic expansion.
Edun reiterated that achieving macroeconomic stability will require policy discipline, institutional coordination, and sustained collaboration among stakeholders.
He added that as inflation moderates and reforms deepen, interest rates are expected to ease, creating a more supportive environment for businesses and investment.
Analysts said Nigeria’s current growth rate remains below what is needed to significantly reduce poverty, making the seven per cent target both ambitious and necessary.
The economy has continued to grow at a moderate pace, underscoring the urgency of sustained reforms.
The Central Bank of Nigeria is also playing a complementary role, focusing on reducing inflation and strengthening monetary policy. Inflation remains a key concern, impacting both economic stability and household welfare.
Despite ongoing global economic uncertainties, the Federal Government maintains that Nigeria is on a path toward resilient and inclusive growth.
Officials expressed confidence that continued reforms, infrastructure investment, and stronger partnerships with institutions such as the Islamic Development Bank would be vital to achieving the country’s long-term economic objectives.
