Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that Nigeria is taking deliberate steps to move away from a model overly reliant on expensive external borrowing toward a more resilient growth framework powered by domestic reforms, private capital, and diversified financing instruments.
He stated this on Thursday at the opening session of the G-24 Technical Group Meeting in Abuja, where he delivered a keynote address on the global economy and the need for stronger South-South cooperation.
The minister explained that the new approach was in line with evolving global development finance priorities that emphasise innovative financing, blended instruments and expanded concessional windows, adding that Nigeria is targeting an average medium-term growth of seven per cent, which would require raising the investment-to-GDP ratio to at least 30 per cent.
“With the current public sector’s financing capacity at roughly 5 per cent of GDP, the strategy emphasises attracting private capital through structured PPPs, optimising public assets, and creating bankable, de-risked investment opportunities,” Edun said.
The minister further noted that Nigeria’s reform programme under President Bola Tinubu is anchored on a three-phase agenda of market correction, stabilisation and growth acceleration.
