Nigeria Targets 7% GDP Growth with IsDB Aid

Nigeria's Finance Minister and Coordinating Minister of the Economy, Wale Edun, outlined ambitious plans to achieve 7 percent annual GDP growth and bridge a 14 billion dollar infrastructure gap during the Islamic Development Bank Group Day event in Lagos on Monday. Speaking to government officials, private sector leaders, and international stakeholders, Edun emphasized the country's transition from economic stabilization to accelerated growth, targeting a 1 trillion dollar economy by 2030 through deepened partnerships with the IsDB.

Edun highlighted the need for substantial investments in key sectors to address longstanding challenges. "We need about 14 billion annually to bridge the infrastructure gap in the country," he said, pointing to priorities including energy access, transport, digital infrastructure, and innovation. The minister noted that public financing covers only about 10 percent of requirements, underscoring the urgency of mobilizing private capital via innovative tools like Sukuk bonds. Since the administration took office in May 2023, policies such as fuel subsidy removal and foreign exchange reforms have stabilized the economy, he added, though they have...