The Minister of Finance, Wale Edun, has emphasized the need for Nigeria to attract annual investments of $20 billion to achieve its ambitious $1 trillion economy target by 2030.
Edun disclosed this on Friday at the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024, held in Abuja.
He explained that the target is crucial to driving economic growth and improving infrastructural development, setting the foundation for long-term sustainability.
“We need significantly more growth,” Edun stated. “An additional $20 billion per year is the target we need for social infrastructure to facilitate logistics for agriculture.”
The Finance Minister noted that the projected growth of 6.3 percent annually is essential for achieving this goal.
President Bola Tinubu had previously announced the $1 trillion gross domestic product (GDP) target in 2023 as a cornerstone of his administration’s economic agenda.
Nigeria’s economy was valued at $363 billion in 2023, according to the National Bureau of Statistics (NBS).
The GDP for the first three quarters of 2024 stood at $134 billion, leaving the country with the daunting task of increasing its GDP size by 7.5 times within six years to meet the 2030 target.
With the current trajectory, Nigeria must generate an additional $866 billion in economic value between October 2024 and December 2030.
This underscores the urgency of securing significant investments to bolster key sectors, particularly agriculture and infrastructure.
Edun’s call for increased funding aligns with the government’s efforts to implement structural reforms and create a conducive environment for local and foreign investments.
The minister urged stakeholders and citizens to rally behind the administration’s economic policies, stressing that achieving the $1 trillion economy is pivotal for improving living standards and reducing poverty nationwide.
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