July 3 (THEWILL) — The Federal Government has called for stronger development finance and greater mobilisation of private capital to support its ambition of growing Nigeria into a $1 trillion economy, saying public funds alone cannot finance the country’s long-term development plans.
Speaking at the Bank of Industry (BoI) Development Partners’ Roundtable and the presentation of the 2025 Annual Development Impact Report (ADIR) in Abuja, the Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite, said Nigeria must reposition its development finance institutions to attract more investment into productive sectors.
She said ongoing economic reforms are designed to create an investment-friendly environment that supports enterprise growth, job creation, and sustainable economic expansion.
According to Uzoka-Anite, achieving the $1 trillion economy target will require stronger institutions, improved project preparation and closer collaboration between government, development partners and private investors.
She noted that the government is building a coordinated financing ecosystem that combines public funding, domestic and international private capital, development finance, climate finance, and other innovative funding sources to unlock large-scale investments.
“The aspirations of the Renewed Hope Agenda, the National Development Plan and Nigeria Agenda 2050 cannot be financed through annual budgets alone”, she said, urging development partners to align their financing with Nigeria’s pipeline of bankable projects.
Also speaking, the Minister of State for Industry, Trade and Investment, Senator John Enoh, described the Bank of Industry as a strategic institution supporting the implementation of Nigeria’s industrial policy through financing for manufacturers, micro, small and medium enterprises, youth-led businesses and other productive sectors.
He said progress was already being recorded under the newly launched Nigerian Industrial Policy, particularly in industrial clusters, MSME development, skills training, and export competitiveness.
BoI Managing Director and Chief Executive Officer, Dr Olasupo Olusi, said the bank now measures success by the development impact of its financing rather than loan volumes, adding that it will continue strengthening partnerships to promote industrialisation, inclusive growth and shared prosperity.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
