Fed Govt shifts to private investment for growth, jobs
The Federal Government has said that the next phase of President Bola Tinubu’s economic reform agenda will be driven by large-scale private sector investment, as part of efforts to attract
- From Nduka Chiejina, Abuja
The Federal Government has said that the next phase of President Bola Tinubu’s economic reform agenda will be driven by large-scale private sector investment, as part of efforts to attract more capital, create jobs and expand opportunities across the country.
This was disclosed in a statement issued by the Federal Ministry of Finance on its official X handle, where the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the government is shifting its focus from economic stabilisation to a new phase centred on productivity and private capital.
Edun said the government’s goal is to build on recent stabilisation measures by encouraging stronger participation from private investors. “Government’s desire is to transition from economic stabilisation to a stronger focus on private capital, productivity and job creation,” he said.
The minister spoke during the IsDB Group Day held in Lagos, where government officials and development partners discussed ongoing collaborations and future investment plans.
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At the event, the Federal Government revealed that its partnership with the Islamic Development Bank Group has already seen over 2.2 billion dollars deployed across critical sectors of the economy.
According to the statement, the collaboration is now being expanded to attract faster and larger investments in key areas such as energy, infrastructure, agriculture and digital development, which are considered essential for improving Nigeria’s competitiveness and supporting long-term economic growth.
“With over 2.2 billion dollars already deployed across key sectors, the partnership with the Islamic Development Bank Group is now being scaled to unlock faster investment in energy, infrastructure, agriculture and digital development, all critical to driving competitiveness and long term growth,” the statement said.
Also speaking at the event, the Director-General for Country Programmes at the Islamic Development Bank, Anasse Aissami, said the Bank is strengthening its engagement with Nigeria to support a more diversified and resilient economy.
Aissami explained that the Bank’s support will focus on creating jobs, strengthening institutions and improving the standard of living for Nigerians. “We are deepening our partnership with Nigeria to support a diversified and resilient economy, with a focus on job creation, institutional strength and improved livelihoods,” he said.
The Federal Government noted that the current approach represents a broader shift in economic strategy, with a strong emphasis on mobilising large-scale investments and ensuring that partnerships translate into tangible economic results for citizens.
The move, according to officials, is expected to open up more opportunities for businesses, boost productivity and drive sustainable growth across various sectors of the economy.
