Nigeria is in dire need of $20 billion investment annually to achieve its economic targets by 2027, NewsSpecng learnt.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the investment is needed to grow the economy by an average of 6.3 percent in the medium term.
Edun made the disclosure on Friday during the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024, held in Abuja.
Edun stressed the urgency of the investment in driving economic growth and facilitating infrastructural 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.”
The minister pointed out that the government would rely primarily on increased revenue to meet this ambitious target. He stressed the need for a robust tax revenue framework to secure the necessary funding, underscoring that sustainable economic growth hinges on this strategy.
“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 explained.
Edun also linked fiscal discipline and exchange rate stability to Nigeria’s ability to attract foreign investment. He noted that controlling the fiscal deficit and ensuring a stable exchange rate would boost investor confidence, leading to more business activity in the country and increased tax revenue from those investments.
“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 said.
