The Federal Government has called for stronger development finance and increased private sector investment to support its ambition of building a $1 trillion economy, saying public funds alone are insufficient to finance the country’s long-term development goals.
The Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, made the call on Thursday at the Bank of Industry’s Development Partners’ Roundtable and the presentation of its 2025 Annual Development Impact Report in Abuja.
She said Nigeria must reposition its development finance institutions to attract more investment and provide greater support for productive sectors of the economy.
According to Uzoka-Anite, the Federal Government’s ongoing economic reforms are designed to create an investment-friendly environment that encourages enterprise, stimulates industrial growth and generates employment.
She noted that achieving the $1 trillion economy target would require sustained investment, stronger institutions, improved project preparation and deeper collaboration with development partners.
The minister said the government was developing a coordinated financing ecosystem that integrates public funding, domestic and international private capital, development finance institutions, commercial finance, climate finance and other innovative financing mechanisms to unlock investment opportunities.
“The aspirations of the Renewed Hope Agenda, the National Development Plan and Nigeria Agenda 2050 cannot be financed through annual budgets alone,” she said.
Uzoka-Anite stressed that every public investment should be structured to attract private capital, urging development partners to align their financing with Nigeria’s pipeline of bankable projects to accelerate economic growth.
Also speaking, the Minister of State for Industry, Trade and Investment, Senator John Enoh, described the Bank of Industry as a critical institution for implementing Nigeria’s industrial policy through financing support for manufacturers, Micro, Small and Medium Enterprises, youth-led businesses and other productive sectors.
He said the recently launched Nigerian Industrial Policy was already being implemented under a performance-based framework, with the first 90-day implementation report showing progress in industrial cluster development, MSME support, skills acquisition and export competitiveness.
Enoh emphasised that the success of development finance should be measured by its impact on economic growth and livelihoods.
“Development finance must ultimately be measured by the results, by the jobs it creates, by the industries it builds, and the lives it improves,” he said.
