Nigeria Needs $14 Billion Annually for Infrastructure

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, stated that Nigeria needs an annual investment of $14 billion to bridge its infrastructure gap. This assertion was made on a Monday during a dialogue with the Islamic Development Bank (IsDB) in Lagos, where he emphasized the importance of strategic partnerships to tackle investment challenges.

Edun highlighted that achieving a 7% annual GDP growth rate is essential for reducing poverty and accommodating Nigeria's growing population, which expands at a rate of 3% annually. He outlined key priority sectors for investment, including energy, transport, agriculture, and digital infrastructure, which are crucial for enhancing Nigeria's global competitiveness.

Earlier, Emomotimi Agama, Director General of the Securities and Exchange Commission, noted that Nigeria's capital market is a key driver of economic growth and infrastructure financing. Furthermore, Edun mentioned the Nigerian government's plan for 2026 to integrate 10 million Nigerians into the economy through a skill development program aimed at job creation.