FG woos investors to fund infrastructure for $1tn economy target

FG woos investors to fund infrastructure for $1tn economy target

The Federal Government on Tuesday intensified efforts to attract private sector investment into Nigeria’s infrastructure, declaring that President Bola Tinubu’s target of building a $1tn economy by 2030 cannot be achieved without massive funding for roads, rail, power, ports and other critical infrastructure.

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the government was committed to creating an enabling environment that would unlock long-term private capital for sustainable infrastructure development, describing infrastructure as the backbone of industrialisation, economic competitiveness and inclusive growth.

She spoke in Abuja at the maiden edition of the Nigeria Infrastructure Conference (INFRACON 2026), organised by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture under the theme, “Mobilising Private Capital for Sustainable Infrastructure Development in Nigeria.”

The conference was attended by government officials, lawmakers, development finance institutions, investors and private sector leaders to explore strategies for closing Nigeria’s huge infrastructure financing gap through stronger public-private partnerships.

Addressing participants, Oduwole said infrastructure must no longer be viewed merely as physical assets but as the economic platform upon which Nigeria’s future prosperity depends.

She noted that achieving President Tinubu’s vision of a $1tn economy would require coordinated investments in infrastructure capable of driving industrial growth, expanding exports, attracting investment and creating millions of jobs.

The minister said, “To achieve the ambitious one trillion-dollar economy envisioned by President Bola Tinubu before 2030, Nigeria must significantly increase investment in sustainable infrastructure. Infrastructure is not just about constructing roads, bridges, airports or industrial facilities. It is the economic platform that supports industrialisation, stimulates investment, creates jobs, reduces poverty and secures the future of our country.

“If we are serious about transforming our economy, then infrastructure must move from being a developmental aspiration to becoming a national achievement.”

She described the private sector as an indispensable partner in Nigeria’s development journey, commending NACCIMA for providing a platform to mobilise investment into strategic infrastructure projects.

According to her, the government alone cannot provide the huge financial resources required to bridge the country’s infrastructure deficit.

She said, “The private sector remains critical to building the infrastructure Nigeria requires. Sustainable infrastructure development demands collaboration among government, investors, financial institutions and businesses. We must create an environment where private capital can confidently participate in infrastructure delivery.”

Also speaking, Senate President Godswill Akpabio assured investors that the National Assembly would continue to enact laws that promote infrastructure financing and encourage private investment.

Represented by the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, Akpabio said sustainable infrastructure development remained central to Nigeria’s economic transformation agenda.

He urged policymakers to continue introducing reforms capable of improving the investment climate and reducing barriers to infrastructure financing.

According to him, the legislature recognises that quality infrastructure remains one of the strongest drivers of economic productivity and national competitiveness.

Similarly, the Speaker of the House of Representatives, Tajudeen Abbas, described infrastructure as a critical pillar of economic development, saying Nigeria must deepen collaboration between the government and the private sector.

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Represented by the Chairman of the House Committee on Commerce, Ahmed Munir, the Speaker said stronger public-private partnerships would accelerate the delivery of infrastructure needed to support industrial expansion and economic diversification.

He noted that the House of Representatives would continue supporting initiatives aimed at improving the country’s infrastructure base.

Chairman of the Ministry of Finance Incorporated and former Minister of National Planning, Dr Shamsudeen Usman, described the conference as timely, given Nigeria’s enormous infrastructure deficit.

He said poor infrastructure had continued to constrain economic growth, increase business costs and weaken the country’s global competitiveness.

Usman commended NACCIMA for initiating the conference, adding that MOFI would continue supporting efforts to mobilise investment into infrastructure projects capable of creating jobs, expanding wealth and driving long-term economic growth.

Earlier, the National President of NACCIMA, Jani Ibrahim, announced that the Infrastructure Conference would become an annual event designed to sustain advocacy for infrastructure financing and policy reforms.

He stressed the need for integrated infrastructure planning capable of supporting industrialisation, regional trade and economic development.

Ibrahim challenged participants to move beyond policy discussions and focus on practical implementation.

He said, “Our message today is simple: let us move from discussion to implementation. Let us move from planning to execution. Let us move from identifying challenges to financing solutions.

“History will not remember how many conferences we attended. History will remember whether we built the infrastructure that transformed Nigeria.”

He called on governments, investors, development partners and the private sector to work together to mobilise the capital required to unlock Nigeria’s economic potential.

According to him, “Together, we can mobilise the capital. Together, we can unlock investment. Together, we can build the infrastructure that powers industrialisation, expands exports, creates jobs and delivers sustainable prosperity. Together, we can build the infrastructure foundation for Nigeria’s one trillion-dollar economy.”

Nigeria faces one of Africa’s largest infrastructure financing gaps, with successive studies estimating that hundreds of billions of dollars will be required over the coming decades to meet the country’s infrastructure needs.

The Tinubu administration has identified infrastructure development as a central pillar of its Renewed Hope Agenda and has repeatedly emphasised the need to leverage public-private partnerships and alternative financing mechanisms to accelerate investments in transport, energy, logistics, housing and industrial infrastructure.

The Federal Government is targeting a $1tn economy by 2030, with improved infrastructure expected to reduce business costs, enhance productivity, strengthen regional trade under the African Continental Free Trade Area, and attract domestic and foreign investment