Nigeria must attract at least $100 billion in yearly investments to achieve its goal of becoming a middle-income country by 2050, according to Atiku Bagudu, Minister of Budget and National Planning. He made this statement on Tuesday at a policy dialogue in Abuja.
Bagudu described the “Nigeria Agenda 2050” as a realistic plan for prosperity, adding that the Tinubu administration is taking steps to correct past financial weaknesses. He noted that while recent reforms have increased Nigeria’s revenue-to-GDP ratio from 9% to 16%, it still lags far behind other countries. As an example, he compared Nigeria’s $36 billion budget to Brazil’s $700 billion and Japan’s annual spending of over $20 trillion, highlighting why development outcomes differ so greatly.
