The minister of state for Budget and Economic Planning, Doris Uzoka-Anite, on Monday said Nigeria must rely largely on private sector investment to achieve its long-term economic growth ambitions.
Uzoka-Anite stated that about 95 per cent of Nigeria's economic development must be driven by the private sector, while the government contributes only five per cent, if the country is to attain the desired level of growth.
She made the remark during her assumption of duty at the Federal Ministry of Budget and Economic Planning, where she was received by the Minister of Budget and Economic Planning, Abubakar Atiku Bagudu.
Uzoka-Anite stressed that private sector participation is critical to the success of the Federal Government's economic transformation agenda, adding that the Renewed Hope programme must also be driven largely by businesses and investors.
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According to her, the economic reforms introduced by the administration of Bola Ahmed Tinubu have already laid the foundation for the country's long-term growth aspirations. "I have no doubt that Mr President can achieve the one trillion dollar economy as he has started by laying the foundation for that to happen through the introduction of economic reforms and the implementation of the National Development Plan," she said.
Uzoka-Anite also expressed appreciation to the President for the opportunity to serve in different capacities within the administration, including her previous roles as minister of Industry, Trade and Investment and minister of state for Finance.
Earlier, Bagudu highlighted the importance of strong policy coordination and strategic planning in achieving the government's economic targets.
He said the administration is committed to growing Nigeria's economy to $1 trillion by 2030, noting that the goal would require the country to achieve annual economic growth of about seven per cent.
Bagudu explained that the upcoming National Development Plan (2026-2030) would serve as the blueprint for the country's economic reforms, investment priorities and development initiatives.
He also outlined the core responsibilities of the ministry, describing it as the official planning authority of the country responsible for coordinating national development plans, harmonising fiscal and economic policies, and providing policy advice to the President.
According to him, discussions at the National Economic Council have identified key policy priorities for accelerating economic development, including improved coordination among federal, state and local governments.
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He noted that state governments account for about 48 per cent of public expenditure, making intergovernmental collaboration crucial for achieving development goals.
Other priority areas include increased investment in security, sustained funding for major infrastructure projects and stronger enforcement against illegal activities in the extractive sector, particularly crude oil theft and illegal mining.
Bagudu also disclosed that the ministry is strengthening international development partnerships to support Nigeria's economic growth, citing the recent upgrade of relations between Nigeria and China to a comprehensive strategic partnership that has resulted in several economic cooperation agreements.
Permanent secretary of the ministry, Deborah Odoh, welcomed Uzoka-Anite's assumption of office, expressing confidence that her experience in public service and economic management would strengthen the ministry's efforts in advancing the government's reform agenda.
She said Uzoka-Anite's leadership would help enhance national planning and budgeting processes as the ministry works to support the administration's Renewed Hope agenda.
