Nigeria must invest $20 billion a year, according to Finance Minister Wale Edun, in order to meet its economic goals by 2030.
This was revealed by Edun on Friday at the Abuja-hosted Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024.
Edun emphasised the importance of the investment and its role in promoting infrastructure development and economic growth.
He said that in order to develop the economy by an average of 6.3 percent over the medium term, an extra $20 billion annually is needed.
“Much more growth is required,” Edun said. “We need to invest an additional $20 billion in social infrastructure to support agricultural logistics.”
This coincides with President Bola Tinubu’s 2023 announcement of a $1 trillion GDP target by 2030.
Nigeria’s GDP was worth $363 billion in 2023. According to data from the National Bureau of Statistics, the GDP is expected to reach $134 billion in the first three quarters of 2024.
Nigeria must contribute at least $866 billion between October 2024 and December 2030, according to NBS figures.
In six years, this is equivalent to a 7.5-fold increase in GDP size. This implies that the 2023 GDP of $134 billion must rise by 8.4% by 2024 to reach roughly $145 billion.
