Nigeria would need $20 billion in investments in the next two years to achieve its 6 per cent growth rate by 2027, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said.
Speaking at the citizen and stakeholders engagement session, on delivering ministerial deliverables in Abuja, Edun said that the amount would help the country achieve the projected 6.3 per cent growth rate.
The minister said the plan focuses on several key sectors, including energy, agriculture, industry, and social protection.
He said, “We need to be investing $20 billion to get the economy by 2027 or so, up to over 6% we need $20 billion in investment. Where does that come from? It comes from federal government’s increased revenue, federal government’s minimization, of course, but also from investment by Nigerians and also investment by foreigners in the Nigerian economy, in joint ventures, whether the government, whether with other Nigerian partners, it comes from investment.
“We want to start getting to the kind of figures that make a difference that move the needle, which moves substantial people out of poverty, which is what the President is committed to.”
Reflecting on some measures taken to fast track economic growth, Edun said the government implemented subsidy reforms, which have stabilised the macroeconomic environment, reduced the fiscal deficit to 4.4 per cent and debt service-to-revenue ratio from 149 per cent in 2023 to 67 per cent. Foreign reserves, he said, have also grown significantly, reaching $42 billion.
The minister noted that controlling the fiscal deficit and ensuring a stable exchange rate would boost investor confidence.
According to him, this will lead to more business activity in the country and increased tax revenue from those investments.
