The Federal Government has called for stronger development finance and
greater private capital mobilisation to support its $1 trillion economy ambition,
stressing that public funds alone cannot finance the country’s plan.
Speaking at the Bank of Industry (BoI) Development Partners’ Roundtable and
presentation of the 2025 Annual Development Impact Report (ADIR) in Abuja,
yesterday, Minister of State for Budget and Economic Planning, Dr Doris
Uzoka-Anite, said Nigeria must reposition its development finance institutions
to attract investment and support productive sectors.
She said the country’s economic reforms were aimed at creating an economy
that attracts investment, expands enterprise and creates jobs. According to her,
achieving the $1 trillion economy target would require sustained investment,
stronger institutions, better project preparation and closer collaboration with
development partners.
Uzoka-Anite said Nigeria was building a coordinated financing ecosystem that
brings together public finance, domestic and international capital, development
finance institutions, commercial finance, climate finance and other innovative
financing instruments to unlock investment.
“The aspirations of the Renewed Hope Agenda, the National Development Plan,
and Nigeria Agenda 2050 cannot be financed through annual budgets alone,”
she stated.
The minister added that every public investment must attract private capital,
urging development partners to align their financing with Nigeria’s pipeline of
bankable projects to speed up investment and economic growth.
Also speaking, Minister of State for Industry, Trade and Investment, Sen. John
Enoh, said BoI had become a strategic institution for implementing Nigeria’s
industrial policy through financing for manufacturers, Micro, Small and
Medium Enterprises (MSMEs), youth-led businesses and other productive
sectors.
He said the recently launched Nigerian Industrial Policy was already being
implemented through a clear performance framework, with the first 90-day
implementation report highlighting progress in industrial clusters, MSME
development, skills training and export competitiveness.
“Development finance must ultimately be measured by the results, by the jobs it
creates, by the industries it builds, and the lives it improves,” Enoh said.
Managing Director and Chief Executive Officer of BoI, Dr Olasupo Olusi, said
the bank had shifted from measuring success by the volume of loans disbursed
to measuring the development impact created by its financing.
He said the ADIR reflected BoI’s commitment to accountability, transparency
and measuring the real impact of its interventions on businesses, communities
and the wider economy.
Olusi assured that the bank would continue to deepen strategic partnerships and
align its financing with Nigeria’s development priorities to promote inclusive
growth, industrialisation and shared prosperity.