Nigeria’s $1tn economy hinges on bankable projects, not funding shortage – Uzoka-Anite

…Days lack of bankable projects, not capital, is Nigeria’s biggest investment challenge

Doris Uzoka-Anite, Minister of State Budget and Economic Planning, has said that Nigeria’s ambition to build a $1 trillion economy will depend more on the availability of well-prepared, bankable projects than on access to capital, arguing that the country’s biggest investment challenge is not a shortage of funds but a shortage of investment-ready opportunities.

The minister stated this while speaking at the presentation of the 2025 Annual Development Impact Report of the Bank of Industry (BOI) on Thursday in Abuja.

Uzoka-Anite, who represented Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, said Nigeria’s future would be determined not by the resources available to the country but by the choices made in deploying them.

Highlighting one of the country’s major constraints, Uzoka-Anite said the availability of finance was not the primary obstacle to investment.

“The greatest constraint to investment is not the availability of finance. At least we all know that, especially since I see a lot of bankers here.

“The availability of bankable projects so far has been one of the major impediments to attracting investments into Nigeria. Therefore, project preparation is where vision becomes investment. It transforms ideas into opportunities, concepts into bankable transactions, and ambition into measurable economic growth.

“This is where we need our partners the most. Policy frameworks are clear and predictable. Many investors and all investors need to know that the rules will not change mid-year and that we are strengthening our policy environment to attract capital and protect investors,” she said

She described project preparation as the stage where ideas are transformed into viable investment opportunities, stressing that stronger support for feasibility studies, transaction advisory services and financial structuring would help unlock larger volumes of domestic and foreign investment.

According to her, the Federal Government’s economic reforms under President Bola Tinubu are aimed at creating an economy that attracts investment, expands enterprises and generates jobs, with the broader goal of achieving a $1 trillion economy.

She said the vision is anchored on the Renewed Hope Agenda, supported by the National Development Plan 2026–2030 and the Nigeria Agenda 2050, all of which prioritise productivity growth, industrialisation, food security, entrepreneurship and inclusive prosperity.

“Achieving this ambition requires sustained investment, strong institutions and enduring partnerships, but it also requires something more fundamental: the discipline to prepare projects properly, the courage to protect investments and the coordination to align every naira with national priorities,” she said.

The minister noted that the global development finance landscape is evolving, with traditional aid increasingly giving way to investment-led partnerships and greater mobilisation of private capital.

She noted that governments would increasingly be judged not by how much they spend but by how effectively they leverage investment, manage risks, deliver measurable impact and inspire investor confidence.

The minister said the Federal Ministry of Budget and Economic Planning was strengthening policy coordination and development cooperation frameworks to ensure that external financing aligns with Nigeria’s national priorities.

She also emphasised the need for stronger governance systems within development finance institutions, noting that transparency, accountability and effective risk management are essential for attracting international capital.

Uzoka-Anite commended the Bank of Industry for institutionalising its Annual Development Impact Report, describing it as an important tool for measuring the real impact of development finance.

“Institutions are measured not by the resources they deploy, but by the impact they create. Development finance must be judged by the lives it transforms,” she said.

She urged development finance institutions to evolve beyond traditional lending and become architects of broader investment ecosystems capable of mobilising private capital, supporting innovation and driving industrial growth.

“We also believe that credit should be leveraged strategically. Access to credit remains one of the most persistent barriers to enterprise growth in Nigeria. We’ve made progress through the National Credit Guarantee Company and other initiatives such as the ones that we are seeing in BOI, but we must do more.

“We need to move beyond traditional lending models and develop innovative financial products that reach businesses of all sizes. Insurance, guarantees, and blended finance instruments must be integrated into our credit architecture to de-risk lending and unlock capital for MSMEs and local manufacturers. And we have to go beyond that,” Uzoka-Anite stated

The minister further called for innovative financing solutions, including guarantees, insurance products and blended finance instruments, to improve access to credit for micro, small and medium-sized enterprises (MSMEs) and local manufacturers.

According to her, the high cost of borrowing remains a significant challenge for Nigerian businesses, and there is a need for African-specific credit assessment and rating systems that better reflect the realities of the continent and reduce perceived investment risks.

She also highlighted climate finance, green bonds and carbon markets as emerging opportunities that Nigeria must strategically position itself to access in order to support infrastructure development, energy access, industrialisation and climate resilience.

Uzoka-Anite urged development partners to align their financing instruments with Nigeria’s project preparation pipeline and sectoral priorities, saying stronger collaboration would accelerate the transition from project concepts to bankable investments.

She maintained that the country’s economic aspirations cannot be financed through annual budgets alone and called for a new partnership model built on shared responsibility, mutual accountability and a common commitment to national development.

“Nigeria’s greatest challenge is not a shortage of opportunities. It is our ability to mobilise investment at the scale our ambitions demand,” she said.

She expressed confidence that with sustained reforms, stronger institutions, deeper partnerships and disciplined capital mobilisation, Nigeria could achieve its goal of becoming a $1 trillion economy.

The minister also commended the management of the Bank of Industry for introducing the development impact report, describing it as a reflection of global best practices and a demonstration of the institution’s commitment to measuring outcomes rather than merely disbursing funds.