Nigeria must pull in at least $100 billion in investments every year if it hopes to become a middle-income country by 2050, Minister of Budget and National Planning Atiku Bagudu said on Tuesday.
Agenda 2050 framework
Speaking in Abuja at a policy dialogue on legislative–executive cooperation, organised by the National Institute for Legislative and Democratic Studies (NILDS), Bagudu wasted no time challenging doubts.
He argued that the Nigeria Agenda 2050 represents not an impossible dream but a “realistic pathway to prosperity.”
He stressed that President Bola Tinubu’s administration has already started undoing years of weak fiscal capacity and systemic distortions.
“To achieve this objective, Nigeria requires at least $100 billion investment per annum from both the private and public sectors,” Bagudu declared.
He quickly broke down how the Agenda 2050 works, explaining that the framework runs through six medium-term plans, beginning with 2021–2025 and moving in five-year blocks until the 2050 target.
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Fiscal progress And Global Gap
Turning to fiscal progress, Bagudu pointed out that Nigeria’s revenue-to-GDP ratio rose from 9% in June 2023 to 16% after reforms.
Yet, he admitted, the country still falls well behind others.
To drive home the gap, he drew international comparisons.
Brazil, another federation, runs a federal budget of about $700 billion, while Nigeria manages just $36 billion.
Meanwhile, Japan, with half Nigeria’s population, spends more than $20 trillion every year.
“These disparities explain why outcomes are inevitably different,” Bagudu concluded, leaving no doubt about the scale of the task ahead.
