The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that Nigeria needs to invest $20b annually to meet its economic targets by 2027. Speaking at the Citizens and Stakeholders Engagement on Friday in Abuja, Edun highlighted the critical need for this investment to drive economic growth, facilitate infrastructure development, and support the nation’s long-term objectives.
According to Edun, the additional $20 billion per year is necessary to achieve an average economic growth rate of 6.3 percent in the medium term. He emphasized that these funds would play a crucial role in enhancing social infrastructure, especially to improve logistics for agriculture, which is key to Nigeria’s economic development.
“We need significantly more growth,” Edun stated. “An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.”
To meet these ambitious goals, the minister stressed that the government would rely heavily on increased revenue. Edun underscored the importance of a strong tax revenue framework to secure the required funding, noting that sustainable growth is only possible if Nigeria can generate sufficient internal revenue.
“To achieve this target and grow the economy, the government can only secure the funds from revenue. Tax revenue needs to be increased to reach the desired levels,” he said.
The minister also linked fiscal discipline and exchange rate stability to Nigeria’s ability to attract foreign investment. By managing the fiscal deficit and ensuring exchange rate stability, Edun believes Nigeria can boost investor confidence, which would lead to increased business activity and higher tax revenues.
“Once the deficit and exchange rate are under control, it will encourage investors to come and do business in Nigeria. In turn, they will pay their taxes,” Edun added.
The call for increased investment and fiscal discipline comes as part of the government’s broader effort to drive economic growth and development, ensuring that Nigeria remains on track to meet its 2027 economic targets.
