The Federal Government has reaffirmed its determination to transform Nigeria into a $1 trillion economy, declaring that achieving such an ambitious economic milestone will require far more than government spending alone. Instead, authorities are pushing for a stronger development finance ecosystem and significantly greater mobilisation of private sector capital to unlock investment, accelerate industrialisation and support long-term economic growth.
The renewed commitment was made during the Bank of Industry (BoI) Development Partners’ Roundtable and the presentation of the bank’s 2025 Annual Development Impact Report (ADIR) held in Abuja. The event brought together government officials, development finance institutions, investors and development partners to discuss strategies for financing Nigeria’s economic transformation and strengthening collaboration between the public and private sectors.
Speaking at the gathering, the Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, stressed that the country’s development aspirations cannot be funded solely through annual government budgets. She noted that while public finance remains an important component of national development, Nigeria must increasingly attract domestic and international private investment if it is to achieve its long-term economic objectives.
According to the minister, the Federal Government is implementing wide-ranging economic reforms designed to build a more competitive economy capable of attracting investment, supporting businesses, expanding productive enterprises and creating sustainable employment opportunities for millions of Nigerians.
DDM News gathered that the government’s strategy goes beyond increasing budgetary allocations, focusing instead on building a financing architecture that combines public funding with private capital, development finance, climate finance and other innovative financial instruments capable of unlocking large-scale investments across key sectors of the economy.
Uzoka-Anite explained that Nigeria is repositioning its development finance institutions to become stronger catalysts for investment rather than merely providers of government-backed loans. She emphasized that these institutions must increasingly serve as bridges connecting investors with viable projects while reducing financing gaps that have traditionally limited industrial expansion and infrastructure development.
According to her, achieving the Federal Government’s target of growing Nigeria into a $1 trillion economy will require sustained investments over several years, stronger institutions, improved project preparation and closer partnerships with development organisations, multilateral institutions and private investors.
She noted that government is deliberately building a coordinated financing ecosystem capable of bringing together multiple funding sources under a unified development strategy.
The minister explained that this ecosystem integrates public finance, domestic capital markets, international investment, development finance institutions, commercial lending, climate finance and other innovative financing mechanisms that can collectively mobilise the enormous resources needed to transform Nigeria’s economy.
Such an approach, she said, would help reduce the financing burden on government while encouraging greater participation by domestic and foreign investors in critical sectors including manufacturing, agriculture, infrastructure, renewable energy, technology and industrial development.
“The aspirations of the Renewed Hope Agenda, the National Development Plan, and Nigeria Agenda 2050 cannot be financed through annual budgets alone,” Uzoka-Anite stated.
She further stressed that every government-funded project should be designed in a way that attracts additional private investment, multiplying its overall economic impact rather than relying exclusively on public resources.
According to the minister, development partners also have an important role to play by aligning their financing programmes with Nigeria’s growing pipeline of bankable investment opportunities. Such collaboration, she explained, would accelerate project implementation, improve infrastructure delivery and stimulate faster economic expansion.
She urged development institutions to move beyond conventional aid models by supporting projects capable of attracting commercial investors while generating measurable economic returns.
Also addressing participants at the event, the Minister of State for Industry, Trade and Investment, John Enoh, highlighted the increasingly strategic role being played by the Bank of Industry in advancing Nigeria’s industrialisation agenda.
According to Enoh, the Bank of Industry has evolved into one of the Federal Government’s most important development finance institutions, providing targeted financial support to manufacturers, Micro, Small and Medium Enterprises (MSMEs), youth-owned businesses and other productive sectors that contribute significantly to employment generation and economic diversification.
He explained that the bank’s financing interventions are directly supporting the implementation of Nigeria’s broader industrial policy by improving access to capital for businesses capable of driving domestic production and reducing dependence on imports.
Enoh also disclosed that the recently introduced Nigerian Industrial Policy has already entered its implementation phase through a structured performance framework designed to monitor progress and ensure measurable outcomes.
According to him, the first 90-day implementation report has already shown encouraging progress across several priority areas, including the development of industrial clusters, expansion of MSMEs, skills acquisition programmes and initiatives aimed at improving Nigeria’s export competitiveness.
These achievements, he noted, demonstrate that carefully targeted development finance can stimulate industrial growth while creating opportunities for businesses and workers across multiple sectors of the economy.
“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 stated.
His remarks reinforced the growing consensus among policymakers that the success of development finance should no longer be assessed merely by the amount of money disbursed but by its tangible impact on economic growth and national development.
Providing further insight into the Bank of Industry’s evolving strategy, the Managing Director and Chief Executive Officer of the institution, Olasupo Olusi, explained that the bank has fundamentally changed the way it evaluates its performance.
Rather than focusing exclusively on the total value of loans granted to businesses, Olusi said the institution now places greater emphasis on measuring the actual developmental impact created through its financing activities.
According to him, the 2025 Annual Development Impact Report reflects this new philosophy by assessing how the bank’s interventions have improved businesses, strengthened communities, created employment opportunities and contributed to broader economic development.
He described the report as an important accountability framework that demonstrates the Bank of Industry’s commitment to transparency, measurable outcomes and responsible development financing.
Olusi assured stakeholders that the institution remains committed to expanding strategic partnerships with governments, international development organisations, private investors and financial institutions in order to increase financing for productive sectors of the Nigerian economy.
He added that future interventions will continue to align closely with Nigeria’s national development priorities, with emphasis on promoting inclusive economic growth, accelerating industrialisation, supporting entrepreneurship and ensuring that the benefits of economic expansion are shared across different regions and segments of society.
Economic analysts believe the government’s renewed emphasis on leveraging private capital reflects global best practices, as many emerging economies have increasingly adopted blended financing models that combine public investment with private sector participation to fund large-scale infrastructure and industrial projects.
They note that while public funding remains essential, private investment provides the scale of capital required to sustain long-term economic growth, improve productivity and generate millions of new jobs needed by Nigeria’s growing population.
As DDM News reports, the Federal Government’s renewed drive to strengthen development finance institutions and mobilise greater private sector investment signals a major shift in Nigeria’s economic strategy. By creating a financing ecosystem that combines government resources with domestic and international capital, policymakers hope to unlock the investments necessary to transform the country’s productive sectors, accelerate industrial development and ultimately realise the ambitious goal of building a $1 trillion economy.
