Edun: FG Prioritising Capital Deployment, Project Expansion to Drive Jobs, Sustainable Growth
•FG, Islamic Development Bank seal deal
Nume Ekeghe and Funmi Ogundare
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday, said the federal government was shifting focus towards aggressive capital mobilisation and large-scale project execution to drive job creation and sustain economic growth.
Edun, who spoke at the Islamic Development Bank (IsDB) Group Day in Lagos, said Nigeria was transitioning from a phase of macroeconomic stabilisation to one anchored on growth acceleration and investment mobilisation under the Renewed Hope Agenda of President Bola Tinubu.
The federal government, also yesterday, signed a partnership and strategic agreement on Country Engagement Framework with IsDB, aimed at deepening collaboration and expanding development financing in Nigeria.
According to Edun, the administration’s priority is to channel investments into productive sectors capable of expanding output, boosting incomes and reducing poverty.
He explained, “Clearly, we are moving from the stabilisation of the economy to a trajectory of growth, acceleration and investment mobilisation.
“It is investments that increase productivity, grow the economy, create jobs, give people incomes and reduce poverty, and that is the overall aim of the macroeconomic agenda of the president.
“Our mission, as laid out by Mr President, is very clear: to build a $1 trillion economy powered by productive sectors, private capital, innovation and technology. To achieve this, we are prioritising a fundamental shift from reliance on public financing to mobilising private sector investment at scale.”
Edun added, “Our focus now is on mobilising capital, executing projects and creating jobs at scale. The range of projects across sectors technology, climate action and agriculture must be expanded to meet the needs of a large country with significant employment demands.
“Nigeria is building an economy that is resilient by design, inclusive in its approach and globally competitive in ambition. We are strengthening domestic production and refining capacity, enhancing resilience, and ensuring sustainable growth.”
The minister described Nigeria’s partnership with IsDB as strategic, stating that both parties are focused on attracting capital with purpose that delivers measurable social and economic impact.
He outlined four key pillars of the collaboration, including infrastructure development across energy, agriculture and digital networks; social inclusion aimed at bringing millions into productive activity; expansion of innovative finance instruments, such as Sukuk; and strengthening regional cooperation.
He said the government designated 2026 as “Year of Social Development,’ with plans to integrate up to 10 million Nigerians into economic activity through job creation and skills development.
Edun stated that the government was scaling up the use of non-interest finance and blended funding structures to unlock investments in housing, digital services, and the creative economy, positioning Nigeria as a hub for Islamic finance in Africa.
He stated, “Our partnership with the Islamic Development Bank is both timely and strategic. We are working together to attract what we call capital with purpose investment that delivers not only financial returns but also measurable social and economic impact.
“We are also focused on mobilising savings at all levels, including mass savings schemes, so that Nigerians can earn returns and participate in financing national growth.
“In this way, domestic savings will play a major role in supporting production and economic expansion.”
Speaking on the agreement framework, Edun explained that it would span three years, covering the period from 2026 to 2028.
He emphasised the critical role of investments that deliver both financial stability and tangible social outcomes.
According to him, as Nigeria transitions from economic stabilisation to a period of robust expansion in 2026, “Our focus is firmly set on growth acceleration and investment mobilisation.”
He said, “This journey towards a $1 trillion economy by 2030 requires capital with purpose, investments that bridge the gap between financial stability and tangible social outcomes.”
He said the strategic partnership with IsDB and the country engagement framework 2026-2028 were key drivers of the ambition, adding that through it, Nigeria aims to modernise infrastructure, industrialise agribusiness, and integrate 10 million Nigerians into productive economic activity.
“Through our strategic partnership with IsDB and the implementation of the Country Engagement Framework 2026-2028, we are modernising our infrastructure, industrialising our agribusiness, and bringing 10 million Nigerians into productive economic activity,” Edun said.
He emphasised that with about 600,000 graduates produced annually, the country must focus on job-rich investments capable of generating employment on a large scale, stressing that reforms must translate into measurable improvements in living standards.
Edun also emphasised the importance of resilience in the face of global political and economic uncertainties, stating that Nigeria must strengthen institutions, deepen strategic partnerships, and implement sound policies to cope with emerging challenges.
The minister explained that public financing alone could not meet the country’s development needs, pointing out that government accounts for only about 10 per cent of the economy, while the private sector constitutes roughly 90 per cent.
Director-General for Country Programmes at IsDB, Anasse Aissami, said the bank was deepening its engagement with Nigeria through a broader, multi-institutional strategy aimed at accelerating economic transformation.
Aissami stated that IsDB Group had expanded support across key sectors, including agriculture, energy, transport, health and education, with a focus on job creation, youth empowerment, and improved living standards.
He said, “The IsDB Group remains resolute in its mission to deepen strategic partnership in Nigeria, prioritising operational excellence and accelerating activities of transformative projects that foster sustainable growth, enhance productivity and support long-term economic prospects.
“The IsDB Group is embarking on a partnership with Nigeria to enhance infrastructure, invest in inclusive human capital, and support private sector development.
“This enhanced engagement strategy moves beyond traditional project financing to a holistic, group-level value proposition that integrates project finance, private sector equity and risk mitigation.”
Aissami added, “By leveraging these synergised capabilities, the IsDB Group is positioned to deploy resources with greater velocity and broader geographic impact, fostering productivity.
“The IsDB Group remains Nigeria’s partner in its journey of economic transformation. Together with Nigerian stakeholders, we can increase development support over the next five years, even more than what has been accomplished in the last 25 years.”
Aissami revealed that bank had approved more than $2.3 billion in funding for projects across key sectors of the economy as of 2025.
He stated that Nigeria occupied a strategic place in the bank’s operations, stating that the institution’s interventions span agriculture, energy, transport, health, and education, with a focus on job creation, youth and women empowerment, and improved living standards.
According to him, the financing portfolio also includes insurance commitments and trade support designed to strengthen Nigeria’s economic resilience amid global challenges, such as economic volatility, climate change, and food insecurity.
Aissami said, “The partnership with Nigeria has expanded significantly over the years. Infrastructure development remains central to our engagement, but we also place strong emphasis on human capital development, because people, not just roads and power plants, drive national transformation.”
He explained that IsDB operated through multiple institutions providing financing, technical assistance, insurance and trade facilitation, including Islamic Development Bank Institute ( IsDBI), Islamic Corporation for the Development of the private sector (ICD), International Islamic Trade Finance Corporation ( ITFC), and Islamic Corporation for the Insurance of Investment and Export Credit ( ICIEC).
