The Nigeria economic agenda 2050 will require $100 billion investment annually to achieve a GDP per capital of $33,000. Currently the economy is nowhere near the target, Minister of Budget and Economic Planning Senator Abubakar Bagudu, lamented. For the country to realise the target, the country must enthrone sound financial system to attract investments.

The Minister spoke in Abuja at the ongoing management retreat of the Nigerian Financial Intelligence Unit, according to a statement issued by his Media Assistant, Mr. Bolaji Adebiyi.

He said the current financing level was smaller than that but explained that President Bola Tinubu’s administration had undertaken bold and courageous economic reforms to boost its revenue.

“However, we still need to be where we should be; we are not near the kind of flows we expect,” the minister noted. To buttress his point, he cited the $20 billion federal budget size, which he said was too small compared with other countries like Brazil and Indonesia, which have similar population sizes and have $750 billion and $210 billion budgets, respectively.

The minister explained that Nigeria needs a sound financial system to attract domestic and foreign investments to finance its development plan.

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