- Nigeria requires an additional $20 billion annually to achieve economic growth targets of 6.3% by 2027, according to Minister Edun
- The funds will focus on enhancing social infrastructure and logistics, particularly in the agriculture sector, to stimulate economic growth
According to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, Nigeria needs an additional $20 billion to achieve its economic growth targets by 2027.
Edun disclosed this on Friday during the citizens’ and stakeholders’ engagement on implementing presidential priorities and ministerial deliverables for the last quarter of 2024 in Abuja. He emphasized that the funds are essential to grow the economy by an average of 6.3% over the medium term.
“The extra $20 billion is crucial for social infrastructure and improving logistics, particularly for agriculture,” he explained.
Edun stated that the government would prioritize increased revenue generation to meet this ambitious goal, focusing on building a robust tax framework.
He said: “The required funds can only come from revenue. Tax revenue must rise to meet the target.
“Controlling the fiscal deficit and ensuring a stable exchange rate are vital to attracting investor confidence. These steps will encourage more business activity and generate higher tax revenue from those investments.
“Once we stabilize the deficit and exchange rate, investors will feel confident to operate in Nigeria, contributing significantly through taxes.”
Edun highlighted the success of President Bola Tinubu’s renewed hope agenda, which has laid a foundation for economic reforms. He expressed optimism about achieving these goals with the outlined measures.
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