Wale Edun Urges Mobilisation of Domestic Capital to Boost Nigeria’s Growth and Reduce Poverty
Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, has emphasised the urgent need to mobilise domestic capital to stimulate production, accelerate economic growth, and lift millions of Nigerians out of poverty. Speaking at the Islamic Development Bank (IsDB) Day in Nigeria, Edun said the country must leverage local savings and private sector investments as global aid continues to decline, stressing that sustainable development hinges on productive investments.
The minister highlighted that Nigeria is transitioning from economic stabilisation to a growth-focused phase under President Bola Ahmed Tinubu’s Renewed Hope Agenda. “We are moving from stabilisation to a trajectory of growth, acceleration, and investment mobilisation. Investments increase productivity, create jobs, provide incomes, and reduce poverty,” Edun said, underlining the importance of large-scale projects in roads, rail, ports, and social sectors, particularly local refineries.
Edun also revealed that Nigeria’s ambition to build a $1 trillion economy would rely heavily on private capital, innovation, and technology. He urged a shift away from public financing toward attracting large-scale private sector investment. The minister outlined plans to focus on infrastructure development, health, education, and safety nets for vulnerable populations, while collaborating with the Islamic Development Bank to fund these priorities.
Highlighting the role of technology and financial inclusion, Edun noted that over 100 million Nigerians are now reachable through the National Identity Number (NIN) system and digital payment platforms. These systems, he explained, will enable targeted support for the poor and vulnerable. Additionally, policies promoting small and medium enterprises (SMEs), diaspora investments, and local investor participation aim to create a level playing field and drive domestic production, particularly in oil refining.
To deepen domestic financing, Edun announced the promotion of mass savings schemes, allowing Nigerians to participate in national development while earning returns. Concluding his address, he reaffirmed the government’s commitment to building a resilient, inclusive, and globally competitive economy. “Our focus now is on mobilising capital, executing projects, and creating jobs at scale. Nigeria is building an economy that is resilient by design and inclusive in approach,” he said.
source: Leadership