Nigeria to Invest $100bn Annually in Economic Revamp, Says Minister Bagudu

The Federal Government of Nigeria has unveiled an ambitious plan to inject $100 billion annually into the economy as part of a sweeping effort to address the nation’s deep-rooted economic challenges. Minister of Budget and Economic Planning, Atiku Bagudu, made this announcement on Wednesday, acknowledging that recent nationwide protests against poor governance have forced the administration to listen and commit to substantial change.

Speaking at the National Economic Dialogue 2024 in Abuja, Bagudu admitted that years of underinvestment have left the country struggling, but he emphasised that the current administration is determined to reverse these trends over the next 25 years. Highlighting the importance of both public and private capital, Bagudu pointed to the elimination of oil subsidies as a necessary, though difficult, step towards mobilising resources. Meanwhile, Femi Gbajabiamila, Chief of Staff to President Tinubu, called for stronger collaboration to navigate the socio-economic challenges threatening Nigeria’s unity. Both officials underscored the need for consistent policies and a continued focus on long-term growth to achieve sustainable prosperity.