The Federal Government has emphasised the need for increased development financing and stronger private sector investment to achieve its target of building a $1 trillion economy, stating that government funding alone will not be enough to deliver the country’s long-term economic goals.
Speaking at the Bank of Industry (BoI) Development Partners’ Roundtable and the presentation of the 2025 Annual Development Impact Report (ADIR) in Abuja, the Minister of State for Budget and Economic Planning, Dr. Doris Uzoka-Anite, said Nigeria must strengthen its development finance institutions to attract more investment into key sectors of the economy.
She explained that the government’s ongoing economic reforms are designed to create an environment that encourages investment, supports business expansion, and generates employment opportunities.
According to the minister, achieving the $1 trillion economy target will require consistent investment, stronger institutions, improved project planning, and closer collaboration with development partners.
Uzoka-Anite said the government is developing a coordinated financing framework that combines public funding, local and international private capital, development finance institutions, commercial financing, climate finance, and other innovative funding mechanisms to drive investment across the country.
She noted that the objectives outlined in the Renewed Hope Agenda, the National Development Plan, and Nigeria Agenda 2050 cannot be financed solely through annual government budgets. She therefore urged development partners to align their financial support with Nigeria’s pipeline of investment-ready projects to accelerate economic growth.
Also speaking at the event, the Minister of State for Industry, Trade and Investment, Senator John Enoh, described the Bank of Industry as a key institution in implementing Nigeria’s industrial policy through financing for manufacturers, micro, small and medium-sized enterprises (MSMEs), youth-led businesses, and other productive sectors.
He stated that the recently introduced Nigerian Industrial Policy is already yielding progress, with its first 90-day implementation report highlighting improvements in industrial clusters, MSME development, skills acquisition, and export competitiveness.
Enoh stressed that the true measure of development finance should be the number of jobs created, industries established, and lives improved through such investments.
Meanwhile, the Managing Director and Chief Executive Officer of the Bank of Industry, Dr. Olasupo Olusi, said the bank has shifted its focus from simply measuring loan disbursements to evaluating the broader economic and social impact of its financing.
He explained that the Annual Development Impact Report reflects the institution’s commitment to transparency, accountability, and assessing how its interventions benefit businesses, communities, and the Nigerian economy.
Olusi added that the bank will continue to strengthen partnerships and align its financing strategies with Nigeria’s development priorities to promote inclusive economic growth, industrialisation, and shared prosperity.
