Nigeria must attract at least $100 billion in investments annually if it is to achieve its long-term ambition of becoming a middle-income country by 2050, according to Minister of Budget and National Planning, Atiku Bagudu.
Bagudu made the projection on Tuesday in Abuja at a one-day policy dialogue on Deepening Legislative-Executive Synergy for Effective Economic Governance in Nigeria, organised by the National Institute for Legislative and Democratic Studies (NILDS).
The minister stressed that the Nigeria Agenda 2050 was not a “lofty dream” but a carefully designed roadmap to prosperity. He said President Bola Tinubu’s administration has begun taking bold steps to reverse years of weak fiscal capacity and structural distortions.
“We calculated, and to achieve this objective, Nigeria requires at least $100 billion investment per annum from both the private and public sectors,” Bagudu explained.
He noted that the long-term plan is divided into six medium-term phases, beginning with 2021–2025 and extending in five-year intervals until 2050.
Bagudu added that recent reforms had doubled Nigeria’s revenue-to-GDP ratio from 9 percent in June 2023 to 16 percent, but warned that the figure still falls behind global comparators.
“Brazil, a federation like Nigeria, has a federal budget of about $700 billion, while ours is just $36 billion,” he pointed out.
The minister also stressed the need for sustained private sector confidence, stronger governance, and enhanced fiscal discipline to mobilise the scale of investment required.
