Senator Atiku Bagudu, the Minister of Budget and Economic Planning, revealed that Nigeria requires a minimum of $100 billion in investments to achieve its Agenda 2050 objectives, with over 80% expected to come from the private sector. He made this disclosure during a discussion on the 2024 budget at the KPMG Arise TV Budget Day program.
The minister stressed the crucial role of private capital in accelerating the growth of Africa’s largest economy, aiming to surpass the pace of the past 15 years. Agenda 2050, initiated by former President Muhammadu Buhari before leaving office, envisions Nigeria attaining a Per Capita GDP of $33,328 per annum, positioning it among the world’s top middle-income economies by 2050.
Bagudu emphasized the need for Africa’s largest economy to achieve faster growth than it has experienced in the last 15 years, necessitating significant private capital. He highlighted that the Agenda 2050 estimates a total investment requirement of at least $100 billion, with less than 20% allocated for the public sector. The minister stated, “Most of it should come from the private sector.”
President Bola Tinubu signed the N28.7 trillion 2024 appropriation bill into law in January. Bagudu noted a reduction in the deficit, indicating a drop from a 6.11% debt-to-deficit ratio in 2023 to less than 4% in 2024, which has garnered attention from investors.
Senator Bagudu emphasized a plan-based approach, characterizing the 2024 budget as a restoration budget that instills confidence in the private sector, encouraging them to invest. He highlighted President’s determination to address challenges hindering economic growth across sectors like agriculture, power, digital economy, and energy.
The minister stressed the importance of addressing food insecurity, poverty eradication, providing access to capital, and enhancing transparency, accountability, and the rule of law. He also mentioned that the newly created Ministry of Finance Incorporated is committed to ensuring that dormant public and private assets across the country are utilized productively, generating revenue for the country. The minister outlined the Ministry’s focus on identifying stranded assets available for potential investors, either through partnership with the Ministry of Finance Incorporated or the Ministry of Petroleum Incorporated. Bagudu noted that the proposed Ministry of Petroleum Incorporated will ensure dormant assets in the petroleum industry are put to use.
