The Minister of Finance and Coordinating Minister of the Economy, Mr Olawale Edun, has stated that Nigeria is targeting a seven percent annual growth in Gross Domestic Product GDP to lift as many citizens as possible out of poverty.
Speaking in Lagos at the Islamic Development Bank IsDB Group Day celebration, Edun said the economy has ilized after years of challenges and emphasized the need for the government to deliver measurable economic impact. He highlighted that since the current administration assumed office in May 2023, policies have been implemented to reset the economy and restore investor confidence.
Edun outlined the government’s plan for robust growth and investment mobilization under the Country Engagement Framework 2026 to 2028. Key initiatives include modernizing infrastructure industrializing agribusiness and creating economic opportunities for 10 million Nigerians. Innovative financing instruments such as Sukuk will be leveraged to build a resilient and inclusive economy.
The minister also emphasized the role of private financing noting public funding accounts for only ten percent of total financing. He called for continued support from partners like IsDB, particularly in bridging Nigeria’s annual $14 billion infrastructure gap covering energy transport digital infrastructure and innovation.
In addition, Edun announced the Ward Based Development Programme to support small businesses across Nigeria’s 8809 wards through finance and ss development. He commended IsDB’s involvement in projects including the Lagos to Calabar and Lagos to Sokoto Highways which aim to unlock potential in agriculture tourism and the blue economy.
The IsDB Director General of Country Programmes Mr Anasse Aissami highlighted the bank’s long term commitment to Nigeria including over $2.4 billion in benefits since elishment and underscored private sector led growth and human capital development as central to sustainable economic transformation.
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