The federal government has said its collaboration with the Islamic Development Bank (IsDB) Group is aimed at unlocking large-scale investments across key sectors as Nigeria pushes towards a $1 trillion economy by 2030.
Speaking at the IsDB Group Day held in Lagos, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the partnership would focus on expanding energy access, strengthening food security, improving digital infrastructure, and upgrading transport and logistics systems.
The event attended by senior government officials, private-sector stakeholders, financial institutions, development partners, and international investors, is to deepen collaboration and promote private-sector-driven growth.
Edun revealed that Nigeria is working to bridge an estimated $14 billion annual infrastructure deficit through innovative financing models and strategic partnerships.
He added that the country is shifting from a phase of macroeconomic stabilisation to growth acceleration and investment mobilisation in 2026.
The minister emphasised the importance of boosting domestic revenue generation, noting a steady decline in development assistance from advanced economies.
“The journey towards a $1 trillion economy by 2030 requires purposeful capital, and investments that connect financial stability with real economic impact,” Edun said.
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Under the IsDB Country Engagement Framework (2026–2028), he noted that Nigeria aims to modernise infrastructure, industrialise agriculture, and broaden economic participation.
The minister also identified Sukuk financing as a key instrument for infrastructure development, describing it as a viable alternative to conventional debt that supports inclusive and sustainable growth.
According to him, Nigeria is positioning itself as a hub for ethical and innovative finance, leveraging Sukuk-backed instruments to attract investment while managing rising debt pressures.
Edun further stated that the government is prioritising domestic resources, diaspora funding, and foreign direct investment as critical drivers of economic expansion.
A major reform focus, he said, is transforming Nigeria’s trade and port systems through digitalisation and infrastructure upgrades.
He highlighted the rollout of a national single window platform designed to streamline trade documentation across multiple agencies.
Describing the initiative as critical, he said it would reduce delays, lower logistics costs, and improve efficiency for businesses, particularly small and medium-sized enterprises.
The reforms, he added, are expected to enhance Nigeria’s competitiveness under the African Continental Free Trade Area (AfCFTA), boosting exports and regional integration.
Edun stressed that large-scale infrastructure projects, including highways, rail networks, and port modernization, are essential to achieving a medium-term growth target of seven percent annually.
Also speaking, the Director-General of Country Programmes at the IsDB, Alassane Aissami, said the bank is expanding its engagement in Nigeria through a comprehensive multi-sector development strategy.
He noted that sustainable economic transformation requires a system-wide approach, combining project financing with trade facilitation, private sector investment, and risk mitigation tools.
Aissami described Nigeria as a key member and major shareholder of the bank, with ongoing interventions across infrastructure, agriculture, energy, health, education, and transport.
