In a recent statement during the KPMG Arise TV Budget Day program, Senator Atiku Bagudu, the Minister of Budget and Economic Planning, emphasized Nigeria’s goal to attract a minimum of $100 billion in investments by 2050, with a significant focus on private sector contributions exceeding 80%.
This ambitious initiative is part of the Agenda 2050, a collaborative effort between the Federal government, subnational governments, private sector entities, and civil society groups. Senator Bagudu stressed the imperative for accelerated economic growth and the mobilization of private capital to achieve this objective.
“We need to grow at a much higher rate than we have in the last decade and a half, and equally, we need to mobilize private capital because Agenda 2050 estimates that we need a sum of at least $100 billion, with less than 20% originating from the public sector,” he explained.
The Minister highlighted President’s commitment to addressing hindrances to economic growth in sectors such as agriculture, power, digital economy, and energy. He specifically mentioned the N100 billion fund for consumer credit as a strategic step in this direction.
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Addressing Dormant Assets and Revenue Generation
Senator Bagudu also shed light on the newly established Ministry of Finance Incorporated (MOFI), emphasizing its determination to revitalize dormant public and private assets nationwide for increased productivity and revenue generation.
He stated, “MOFI has been strengthened and given clarity that all stranded assets not put to good use should be identified and made available for potential investors, either in partnership with MOFI or the Ministry of Petroleum Incorporated.” Additionally, he highlighted the upcoming Ministry of Petroleum Incorporated, which will focus on activating dormant assets within the petroleum industry.
Noteworthy Information
In alignment with this vision, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, previously indicated that the Tinubu administration is seeking private sector participation to finance infrastructure projects across Nigeria. This shift towards private sector collaboration underscores the government’s commitment to sustainable economic development.
