By Tony Obiechina, Abuja
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said on Friday that Nigeria needs to invest $20bn annually to achieve its six per cent Gross Domestic Product (GDP) growth target by 2027.
Edun stated this during the Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the Fourth Quarter of 2024.
According to him, the $20bn per year investment is required to grow the economy by an average of 6.3 percent in the medium term.
The minister said, “We need significantly more growth,” Edun stated. “An additional $20bn is the target we need for social infrastructure to facilitate logistics for agriculture.
“To achieve this target and grow the economy, the government can only secure the funds from revenue. Tax revenue needs to be increased to reach the desired levels.”
He said Nigeria needs fiscal discipline and exchange rate stability to attract foreign investment.
According to him, controlling the fiscal deficit and ensuring a stable exchange rate would boost investor confidence.
He further noted that improved confidence in the economy would result in increased tax revenue.
“Once the deficit and exchange rate are under control, it will encourage investors to come and do business in Nigeria. In turn, they will pay their taxes”, he added.
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