… As NPA targets N1.489tn revenue for 2026
LAGOS — The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, on Monday said Nigeria is targeting a seven percent annual Gross Domestic Product (GDP) growth rate as part of efforts to accelerate economic expansion and reduce poverty.
Edun also disclosed that the country requires about $14 billion in annual investment to close its infrastructure deficit.
He spoke in Lagos at the Islamic Development Bank (IsDB) Day, where he underscored Nigeria’s deepening partnership with the multilateral institution.
According to him, achieving a seven percent growth rate is crucial to lifting millions out of poverty and surpassing the nation’s population growth rate of about three per cent.
The minister noted that the Federal Government has been repositioning the economy to attract large-scale domestic, diaspora and foreign investments within a stable macroeconomic framework.
“We are moving from stabilisation to growth, from reliance on public financing to private capital mobilisation, and from traditional borrowing to innovative financing instruments,” Edun said.
He explained that Nigeria’s estimated $14 billion annual infrastructure financing gap is being addressed through strategic initiatives and partnerships, particularly with the IsDB.
Edun further revealed that the Nigeria-IsDB engagement framework for 2026–2028 is anchored on infrastructure development, social investment, innovative finance and regional cooperation.
He identified priority sectors as energy, transport, agriculture and digital infrastructure, stressing their importance in boosting productivity and competitiveness.
“In a young country like Nigeria, digital infrastructure is key to empowering our population for innovation, technology and global competitiveness,” he added.
The minister disclosed that 2026 has been designated as the Year of Social Development, with plans to integrate up to 10 million Nigerians into productive economic activities through skills development, financing support and job creation initiatives.
He added that the government would also prioritise the empowerment of micro, small and medium enterprises (MSMEs) to boost production and expand market access.
On financing strategies, Edun said Nigeria would deepen the use of Sukuk, expand domestic capital markets and securitise public assets to attract private investment, while emphasising the need to de-risk investments and improve the business environment.
He said Nigeria is positioning itself as a leader in regional cooperation within the IsDB framework, with a long-term target of building a $1 trillion economy.
Edun stressed the urgency of accelerating project implementation and efficiently mobilising capital to generate jobs at scale.
In his remarks, the Director-General of Country Programmes at the IsDB, Mr Anasse Aissami, reaffirmed the bank’s commitment to supporting Nigeria’s economic transformation.
Aissami said the bank has expanded its interventions across key sectors, including agriculture, energy, transport, health and education, and would scale up support to Nigeria over the next five years, surpassing its engagement over the past 25 years.
The IsDB Group Day featured a Memorandum of Understanding (MoU) signing ceremony, business partnership presentations, a news conference and panel discussions, among other activities.
The event attracted senior government officials, private sector leaders, financial institutions, chambers of commerce, development partners and other international stakeholders.
Meanwhile, the Nigerian Ports Authority (NPA) has set N1.489 trillion as its Internally Generated Revenue (IGR) target for the 2026 fiscal year.
The figure represents an increase of N21 billion over the N1.468 trillion target for 2025, which the agency exceeded with an actual revenue of N1.97 trillion.
The Managing Director of the NPA, Dr Abubakar Dantsoho, stated this on Monday during the agency’s 2026 budget defence before the Senate Committee on Marine Transport.
Dantsoho said that the authority was set to begin groundbreaking projects for the modernisation of Apapa and Tin Can Island ports to enhance global competitiveness.
According to him, of the projected revenue: N945 billion is allocated for capital projects, N447.5 billion for operating expenses, and
N90.6 billion for remittance into the Consolidated Revenue Fund (CRF).
He explained that the budget was anchored on the mantra, “Consolidation, Renewed Resilience and Shared Prosperity.”
The NPA managing director said that the modernisation of Apapa and Tin Can Island ports were flagship projects aimed at boosting revenue.
“Apapa and Tin Can Island ports are old and no longer adequate for modern global port operations.
“Apapa Port is about 100 years old, while Tin Can Island Port is over 50 years old, with limited capacity for handling modern vessels and cargo volumes.
“Groundbreaking for their modernisation will commence within the next two to three weeks,” he added.
On the Treasury Single Account (TSA), Dantsoho stated that all revenues generated by the NPA are paid directly into the account managed by the Central Bank of Nigeria (CBN).
“We do not retain any funds. The Central Bank is the signatory and we must apply for funds whenever needed,” he explained.
In his remarks, Chairman of the Senate Committee on Ports, Sen. Wasiu Eshinlokun (Lagos Central), said the committee’s oversight function was collaborative rather than adversarial.
“Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest,” he said
