The Federal Government has said Nigeria must attract at least $100 billion annually in infrastructure investments to meet its 2050 economic goal of achieving a per capital Gross Domestic Product of $30,000.
Minister of Budget and Economic Planning, Abubakar Atiku Bagudu, made this known in Abuja during a courtesy visit by the new Japanese Ambassador to Nigeria, Hideo Suzuki.
Bagudu stressed that road infrastructure is central to economic development, noting that Nigeria relies heavily on land transport for the movement of goods and services.
He said the government is strengthening ties with global partners like Japan to accelerate infrastructure upgrades and unlock long-term growth.
“Our Agenda 2050 Long-Term Development Plan has identified a minimum annual infrastructure investment requirement of $100 billion if we are to meet our target of $30,000 per capita GDP by 2050.
“In alignment with President Bola Tinubu’s eight-point agenda, we are also working toward building a $1 trillion economy within the next five years. This is an ambitious goal, and we are already more than 10 percent of the way there,” Bagudu said.
The minister expressed confidence in the potential of the Japanese International Cooperation Agency to play a significant role in Nigeria’s transformation, citing its global reputation for impactful development work.
He also welcomed Japan’s expanding footprint in Nigeria and noted that exchange of ideas and solutions between both countries would enhance their development goals.
Ambassador Suzuki, while speaking at the meeting, shared updates on Japanese-led development efforts in Nigeria.
He said the “Data Collection Survey on Transport and Logistics in Nigeria” is progressing well and is part of a larger collaboration with the Nigerian government.
He also highlighted the Project for the Development of Supporting Environment for Startups and Addressing Social Challenges, signed in Abuja in April 2024.
According to him, the initiative the first of its kind globally has drawn significant interest in Tokyo for its creative and inclusive approach.
Other key projects supported by Japan include the FCT Reduction of Non-Revenue Water Project, the Promotion of Market-Oriented Agricultural Extension Systems for Livelihood Improvement, and the Post-Harvest Processing and Marketing Pilot Project in Nasarawa and Niger States.
“These projects show Japan’s strong commitment to working with Nigeria in developing inclusive and effective solutions to real-world challenges,” Suzuki said.
“We hope to deepen our engagement across sectors and contribute to Nigeria’s development aspirations,” he stressed.
Suzuki officially assumed his role following the departure of his predecessor, Ambassador Matsunaga Kazuyoshi, who served in Nigeria for four years.
Also speaking, Director overseeing the Office of the Permanent Secretary and Director of the International Cooperation Department, Samson Ebimaro, emphasised that the ministry’s mandate is to drive national growth by boosting productive sectors and attracting investment.
“Delivering on key economic targets requires reliable and modern infrastructure systems, particularly in transportation.
“This is central to boosting GDP and energizing economic activity,” he said.