Edun stressed the urgency of the investment, noting its role in driving economic growth and facilitating infrastructural development. According to him, an additional $20 billion per year is required to grow the economy by an average of 6.3 percent in the medium term. “We need significantly more growth,” Edun stated. “An additional $20 billion is the target we need for social infrastructure to facilitate logistics for agriculture.
” This comes as President Bola Tinubu in 2023 announced a $1 trillion gross domestic product, GDP target by 2030. In 2023, Nigeria's economy stood at $363 billion. Data from the National Bureau of Statistics, NBS puts GDP for the first three quarters of 2024 at $134 billion. In line with the data by NBS, Nigeria needs to add at least $866 billion between October 2024 and December 2030. This equates to increasing GDP size by 7.5 times within six years.
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Nigeria's President Bails Finance Minister Amidst Global Anti-Corruption Drive in 2024Nigerian President Ola Olukoyede has released the Finance Minister, Mista Ibrahim Shazali, on bail ahead of a trial related to corruption and fraud. This decision was announced in a press conference following a meeting with the Economic and Financial Crimes Commission (EFCC) in Kano. The president cited the need for the minister's participation in the global anti-corruption drive as a reason for the bail.
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