The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, stated that Nigeria needs at least $100 billion in investments to accomplish the Nigeria Agenda 2050, with the private sector likely to contribute more than 80%.
According to Arise TV, the minister made this revelation while discussing the 2024 budget.
He emphasized the importance of private capital in propelling Africa’s largest economy to grow at a rate quicker than in the previous 15 years.
Former President Muhammadu Buhari’s Agenda 2050, which he presented before leaving office, envisions Nigeria reaching a per capita GDP of $33,328 by 2050, placing it among the world’s top middle-income economies.
The minister stated that Africa’s greatest economy must grow faster than it has in the last 15 years, which will necessitate the use of private capital.
Bagudu emphasized the importance of mobilizing private capital, adding that Agenda 2050 predicts a total requirement of at least $100 billion, with less than 20% budgeted for the public sector, stating that “most of it should come from the private sector.”
President Bola Tinubu signed the N28.7tn 2024 appropriation bill into law in January.
The minister mentioned a reduction in the deficit, indicating a drop from a debt-to-deficit ratio of 6.11 per cent in 2023 to less than 4% in 2024.
He stated that the significant reduction in the deficit, indicating a drop from a 6.11 per cent debt-to-deficit ratio in 2023 to less than 4 per cent in 2024 had not gone unnoticed by investors.
“It’s critical to emphasize a plan-based approach,” Senator Bagudu said. The budget for 2024 is one of restoration; it is this restoration that will instill trust in the business sector, encouraging it to invest.”
The Minister also added, “We need to address food insecurity, eradicate poverty, increase access to capital, and improve transparency, accountability, and the rule of law. It is also critical that we make better decisions than we have in the past.”
Senator Bagudu further noted that the newly formed Ministry of Finance Incorporated is committed to ensuring that dormant public and private assets across the country are put to productive use, generating revenue for the country.
“It’s critical to emphasize a plan-based approach,” Senator Bagudu said. The budget for 2024 is one of restoration; it is this restoration that will instill trust in the business sector, encouraging it to invest.”
The Minister also added, “We need to address food insecurity, eradicate poverty, increase access to capital, and improve transparency, accountability, and the rule of law. It is also critical that we make better decisions than we have in the past.”
Senator Bagudu further noted that the newly formed Ministry of Finance Incorporated is committed to ensuring that dormant public and private assets across the country are put to productive use, generating revenue for the country.
He then claimed that all stranded assets not put to good use should be identified and made available for potential investors, whether in partnership with the Ministry of Finance Incorporated or the Ministry of Petroleum Incorporated.
