The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria is targeting a seven per cent annual Gross Domestic Product (GDP) growth rate.

Mr Edun also said the country requires about $14 billion in annual investment to bridge its infrastructure gap.

He said this on Monday in Lagos at the Islamic Development Bank (IsDB) Day, where he highlighted Nigeria’s deepening partnership with the bank.

According to him, the seven per cent growth target is critical to reducing poverty and outpacing the country’s population growth rate of about three per cent.

Mr Edun said Nigeria had been repositioning its economy to attract large-scale domestic, diaspora, and foreign investments within a stable macroeconomic environment.

“We are moving from stabilisation to growth, from reliance on public financing to private capital mobilisation, and from traditional borrowing to innovative financing instruments,” he said.

He noted that Nigeria faces an estimated $14 billion in annual infrastructure financing gap, which the government is addressing through strategic initiatives and partnerships, particularly with the IsDB.

According to him, the Nigeria-IsDB engagement framework for 2026–2028 is anchored on infrastructure development, social investment, innovative finance and regional cooperation.

He listed priority sectors, including energy, transport, agriculture, and digital infrastructure, to boost productivity and competitiveness.

“In a young country like Nigeria, digital infrastructure is key to empowering our population for innovation, technology, and global competitiveness,” he said.

Mr Edun said 2026 has been designated as the year of social development, with plans to integrate up to 10 million Nigerians into productive economic activities.

He said this would be achieved through skills development, financing support, and job creation initiatives.

The minister added that the government would empower micro, small, and medium enterprises to boost production and expand access to markets.

On financing, Mr Edun said Nigeria would deepen the use of Sukuk, expand domestic capital markets, and securitise public assets to attract private investment.

He stressed the need to de-risk investments and create an enabling business environment.

Mr Edun said Nigeria was positioning itself as a leader in regional cooperation within the IsDB framework and targeting a $1 trillion economy.

The minister emphasised the need to accelerate project implementation and mobilise capital efficiently to create jobs at scale.

In his presentation, Anasse Aissami, director-general of country programmes, IsDB, reaffirmed the bank’s commitment to supporting Nigeria’s economic transformation.

Mr Aissami said the bank had expanded interventions across agriculture, energy, transport, health, and education.

He added that IsDB would scale up support to Nigeria over the next five years, exceeding its engagement over the past 25 years.

The IsDB Group Day featured an MoU signing ceremony, business partnership presentations, a news conference, and panel discussions, among other activities.

The event brought together senior government officials, private-sector leaders, financial institutions, chambers of commerce, development partners, and international stakeholders.

(NAN)