Nigeria Seeks $14bn Annually to Bridge Infrastructure Gap

Nigeria has a $14bn annual infrastructure investment gap, according to Finance Minister Wale Edun, who said the government is seeking both domestic and foreign capital to bridge the shortfall.

Edun disclosed this in Lagos during the signing of a 2026–2028 partnership agreement with the Islamic Development Bank Group (IsDB), aimed at financing large-scale projects under the Renewed Hope Infrastructure Development Fund.

“Our strategic partnership with IsDB is to move our priorities to action through scalable, transformative projects,” Edun said, noting that the collaboration will focus on roads, rail, ports, energy, agriculture, and digital infrastructure.

He added that the partnership would also support human capital development in health, education, and social programmes, aligning with Nigeria’s declaration of 2026 as the Year of Social Development.

The minister explained that Nigeria is expanding the use of Islamic finance instruments such as Sukuk, alongside asset securitisation and blended finance, to attract private investment in housing, digital services, and the creative economy.

“Public financing has its limitations. The government is only 10 per cent of the economy; 90 per cent is the private sector. We need to move from reliance on public to private capital-led growth,” Edun said.

IsDB’s Head of Delegation, Anasse Aissami, confirmed that the bank’s portfolio already covers 21 states with 148 projects worth $2bn, and pledged to expand support for roads, ports, power, and education.