Nigeria’s Finance Minister, Wale Edun, has stressed the urgent need for the country to invest an additional $20 billion annually to achieve its economic goals by 2030. Speaking at the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024, Edun highlighted the crucial role this investment would play in driving growth and enhancing infrastructure, particularly in sectors like agriculture and logistics.
Edun emphasized that in order to grow the economy by an average of 6.3 percent over the medium term, the country must secure significantly more investment. He noted that $20 billion is the target required annually for expanding social infrastructure to support the agricultural sector’s logistics needs.
This call for increased investment is in line with President Bola Tinubu’s 2023 announcement of a goal to reach a $1 trillion gross domestic product (GDP) by 2030. With Nigeria’s GDP standing at $363 billion in 2023, the government aims to add at least $866 billion to its GDP between October 2024 and December 2030. According to data from the National Bureau of Statistics (NBS), the GDP for the first three quarters of 2024 is $134 billion, meaning Nigeria must grow its economy by 8.4 percent to reach approximately $145 billion by the end of the year.
To meet these ambitious targets, experts and officials stress that consistent, significant investment in infrastructure and economic development is essential. Edun’s remarks reflect the broader push to ensure that Nigeria remains on track for sustainable growth as it works towards its $1 trillion GDP goal.
