The Minister of Budget and Economic Planning, Sen. Atiku Bagudu said Nigeria needs at least $100bn in investments to achieve Nigeria Agenda 2050, with over 80 per cent expected from the private sector.
The minister disclosed this while speaking on the 2024 budget at the KPMG Arise TV Budget Day program monitored by The PUNCH on Sunday.
He underscored the critical role of private capital in propelling Africa’s largest economy to grow at a faster rate than in the past 15 years.
The Agenda 2050, launched by former President Muhammadu Buhari before leaving office, envisions Nigeria achieving a Per Capita GDP of $33,328 per annum, positioning it among the world’s top middle-income economies by 2050.
The minister said there was a need for Africa’s largest economy to grow at a faster rate than it had grown in the last 15 years and that will require private capital.
Bagudu stressed the imperative of mobilizing private capital, noting that the Agenda 2050 estimates a total requirement of at least $100bn, with less than 20 per cent earmarked for the public sector.
He stated, “Most of it should come from the private sector.”
In January, President Bola Tinubu signed the N28.7tn 2024 appropriation bill into law.
The minister pointed out a reduction in the deficit, indicating a drop from a 6.11 per cent debt-to-deficit ratio in 2023 to less than 4 per cent in 2024.
He said this substantial decrease in the deficit had not gone unnoticed by investors.
Senator Bagudu remarked, “It’s essential to emphasize a plan-based approach. The 2024 budget represents a budget of restoration; it is this restoration that will instil confidence in the private sector, encouraging them to invest.”
The Minister also noted the President’s determination to address issues stifling economic growth across various sectors such as agriculture, power, digital economy, energy, etc.
He said, “We need to deal with food insecurity, eradicate poverty, provide access to capital, and enhance transparency, accountability, and rule of law. It is also important we make choices better than what has been made before.”
Further, Senator Bagudu stated that the newly created Ministry of Finance Incorporated is determined to ensure that dormant public and private assets across the country are put to productive use, generating revenue for the country.
He mentioned that the Ministry of Finance Incorporated has been strengthened and given clarity, emphasizing that all stranded assets not put to good use should be identified and made available for potential investors, whether in partnership with the Ministry of Finance Incorporated or the Ministry of Petroleum Incorporated.
He noted that the proposed Ministry of Petroleum Incorporated will ensure dormant assets in the petroleum industry are put to use. Here’s what you should know.
SOURCE: PUNCHNG
