Nigeria needs at least $100 billion investment mainly from private sector by 2050- Budget Minister
The Minister of Budget and Economic Planning, Sen. Atiku Bagudu has stated that part of the agenda 2050 for Nigeria is the need for investment of at least $100 billion with over 80% emanating from the private sector.
The Minister stated this during the KPMG Arise TV budget Day program at the insights centre, KPMG Towers, Lagos.
According to the Minister, the estimated investment needs stem from the Agenda 2050 developed by the Federal government in partnership with subnational governments, the private sector, and civil society groups across the country.
- He stated, “We need to grow at a much higher rate of growth than we have been experiencing in the last decade and a half and equally we need to mobilise private capital because the agenda 2050 estimated that we need a sum of at least $100 billion with less than 20% of it coming from the public sector”
The Minister also noted the President’s determination to address issues stifling economic growth across various sectors such as agriculture, power, digital economy, energy, etc.
He mentioned that the N100 billion fund for consumer credit is an initiative in that direction.
Addressing dormant assets in the country
- Speaking further, Sen. Bagudu stated that the newly created Ministry of Finance Incorporated (MOFI) is determined to ensure that dormant public and private assets across the country are put to productive use and generate revenue for the country.
- He stated assets Ministry of Finance Incorporated (MOFI) has been strengthened and given clarity that all stranded assets that are not put to good use should be identified and made available for potential investors whether in partnership with the Ministry of Finance Incorporated as well as the Ministry of Petroleum Incorporated”
- He noted that the proposed Ministry of Petroleum Incorporate will ensure dormant assets in the petroleum industry are put to use.
What you should know
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun had earlier stated that the President Tinubu administration is looking towards the private sector to finance infrastructure projects across the country.