FG Targets $1tn Economy Through IsDB Partnership, Pushes Energy and Trade Reforms

The Federal Government has stepped up efforts to grow Nigeria’s economy to $1 trillion by 2030 through a strengthened partnership with the Islamic Development Bank (IsDB) Group, focusing on energy expansion, infrastructure investment, and trade reforms.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the collaboration represents a key component of the country’s economic growth strategy, as Nigeria transitions from macroeconomic stabilisation to a phase of large-scale investment and sustained expansion.

Speaking at the IsDB Group Day in Lagos, Edun noted that the partnership would channel investments into critical sectors including transportation, agriculture, digital infrastructure, and energy.

He highlighted Nigeria’s infrastructure deficit, estimated at about $14 billion annually, stressing the need for innovative financing models and stronger alliances with development finance institutions and private investors.

According to the minister, dwindling global development assistance has made domestic resource mobilisation and private sector participation more important. He added that the government is exploring alternative funding options such as Sukuk financing to support infrastructure development while ensuring inclusive growth.

Edun also pointed to ongoing reforms aimed at improving trade efficiency, particularly the rollout of a National Single Window platform to streamline documentation processes, reduce port congestion, and cut logistics costs.

He said the initiative would boost Nigeria’s competitiveness under the African Continental Free Trade Area and support export-driven growth.

The minister emphasised that sustained investment in transport infrastructure, including roads, rail, and ports, remains vital to achieving the government’s medium-term economic growth target of about seven per cent annually.

Representatives of the Islamic Development Bank reaffirmed their commitment to deepening engagement with Nigeria through multi-sector interventions covering infrastructure, agriculture, energy, education, health, and transportation.

Director-General of Country Programmes at the bank, Alassane Aissami, described Nigeria as a strategic partner and key shareholder, noting that ongoing and planned projects are designed to drive long-term economic transformation.

He disclosed that the bank is finalising a Country Engagement Framework for Nigeria covering 2026 to 2028, aimed at boosting infrastructure investment, private sector development, and human capital.

Also speaking, Head of the IsDB Regional Hub in Nigeria, Hammad Zafar Hundal, said the framework would align public and private investments with Nigeria’s development priorities, with emphasis on transport corridors, energy systems, and social infrastructure.

He added that financing would be channelled through institutions such as the Bank of Industry, the Nigerian Export-Import Bank, and the Development Bank of Nigeria to support small and medium-scale enterprises in key sectors.

Stakeholders at the event said the renewed Nigeria–IsDB collaboration is expected to unlock private capital, modernise trade systems, and accelerate infrastructure delivery, positioning the country for stronger economic growth and global competitiveness.