Nigeria Requires $20bn Annually for Economic Growth – Wale Edun

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that the country needs an annual investment of $20 billion to achieve its economic growth objectives by 2027. Speaking on Friday at the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables in Abuja, Edun highlighted the critical need for substantial funding to propel economic expansion and infrastructure development.

According to Edun, the additional investment would enable Nigeria to grow its economy by an average of 6.3% over the medium term. He emphasised that this growth rate is necessary to drive social infrastructure and improve logistics, particularly in sectors such as agriculture, which hold significant potential for national development.

“We need significantly more growth,” Edun stated. “An additional $20 billion annually is essential to build social infrastructure and facilitate critical areas like agricultural logistics.” He stressed the importance of achieving this funding target to meet the nation’s economic aspirations.

The minister also outlined the government’s plan to rely on increased revenue, particularly through an improved tax framework, to meet the ambitious investment goal. He underlined that sustainable economic growth depends on fiscal discipline and robust revenue generation strategies. “To achieve this target, tax revenue must be enhanced to secure the necessary funds,” he explained.

Edun further linked fiscal discipline and exchange rate stability to Nigeria’s attractiveness to foreign investors. He noted that controlling the fiscal deficit and ensuring a stable exchange rate would foster investor confidence, thereby boosting business activity and increasing government revenue through taxation.

“Once the fiscal deficit and exchange rate are stabilized, investors will be more inclined to do business in Nigeria,” Edun said. “This will not only drive economic growth but also lead to higher tax revenues from increased investments.”