The Federal Government is partnering with the Islamic Development Bank to attract large-scale investments into key sectors such as energy, infrastructure and trade, as part of its plan to grow Nigeria’s economy to $1 trillion by 2030.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the collaboration as a central pillar of the country’s growth strategy, stressing that Nigeria is now shifting focus from stabilising the economy to expanding investments. According to him, “the partnership forms a core part of our ambition to build a $1 trillion economy by 2030, driven by sustained investment and structural reforms.”
Edun explained that the alliance with the IsDB is designed to mobilise financing at scale, targeting sectors with the highest potential for economic impact. He noted that investments would be channelled into transportation, agriculture, digital infrastructure and energy, all of which are considered critical to unlocking productivity and driving inclusive growth.
He added that Nigeria’s infrastructure gap remains a major constraint, with an estimated annual financing shortfall of about $14 billion. “Bridging this gap requires innovative financing models and stronger collaboration with development finance institutions and private investors,” Edun said.
The minister also pointed out that declining global development assistance has made it necessary for Nigeria to rethink its funding approach. He said the government is now prioritising domestic resource mobilisation while creating conditions that attract private capital. As part of this strategy, alternative financing instruments such as Sukuk are being explored to support infrastructure development without over-reliance on traditional borrowing.
Beyond financing, the partnership is also expected to drive reforms that improve trade efficiency and competitiveness. Edun highlighted the rollout of the National Single Window platform, which aims to streamline documentation processes across government agencies, reduce delays at ports and lower the cost of doing business. He noted that the reform would position Nigeria to benefit more from regional trade opportunities under the African Continental Free Trade Area.
“Simplifying trade processes and improving logistics will not only reduce bottlenecks but also stimulate export-led growth,” he said.
He further stressed that sustained investment in transport networks, including highways, rail systems and port infrastructure, will be key to achieving the government’s medium-term growth target of about seven per cent annually.
Officials of the Islamic Development Bank reaffirmed their commitment to supporting Nigeria’s economic transformation through a broad-based development approach. Director-General of Country Programmes at the IsDB, Alassane Aissami, described Nigeria as a strategic partner, noting that the Bank’s interventions span multiple sectors.
“Our engagement in Nigeria covers infrastructure, agriculture, energy, education, health and transportation, with a focus on system-wide transformation,” Aissami said. He added that the Bank’s strategy is aimed at “unlocking productivity and building long-term economic resilience.”
Aissami disclosed that the IsDB is finalising a Country Engagement Framework for Nigeria covering 2026 to 2028, which will align investments with the country’s development priorities. According to him, the framework will emphasise infrastructure development, private sector growth and human capital strengthening.
Similarly, Head of the IsDB Regional Hub in Nigeria, Hammad Zafar Hundal, said the partnership would help align public and private sector investments, particularly in transport corridors, energy systems and social infrastructure.
He noted that financing support would be delivered through key institutions such as the Bank of Industry, the Nigerian Export-Import Bank and the Development Bank of Nigeria to expand access to funding for small and medium-scale enterprises.
“Supporting SMEs in agribusiness, manufacturing and export-oriented sectors is critical to driving inclusive growth and job creation,” Hundal said.
Key projects under the collaboration include major transport corridors expected to improve connectivity, strengthen agricultural value chains and enhance export capacity across regions. Stakeholders noted that the initiative reflects a coordinated effort to unlock private capital, modernise trade systems and accelerate infrastructure delivery, all of which are essential to achieving the $1 trillion economic target.
