Nigeria Needs $100bn Annually for Infrastructure to Hit 2050 GDP Target
By Patience Ikpeme
Nigeria requires an annual infrastructure investment of $100 billion to achieve its ambitious goal of a $30,000 per capita GDP by 2050, the federal government has disclosed.
This figure was shared by Senator Abubakar Atiku Bagudu, Minister of Budget and Economic Planning, during a visit from the new Japanese Ambassador to Nigeria, Mr. Hideo Suzuki, in Abuja.
Bagudu explained that Nigeria’s road infrastructure is crucial for national productivity, given the economy’s heavy reliance on land transportation for moving people and goods. He conveyed that improved collaboration with international partners like Japan is seen as vital for mutual economic benefit.
“Our Agenda 2050 Long-Term Development Plan has set out a minimum annual infrastructure investment requirement of $100 billion if we are to meet our target of $30,000 per capita GDP by 2050,” the minister stated. He further added that, in line with President Bola Ahmed Tinubu’s eight-point agenda, the government is working towards building a $1 trillion economy within the next five years, noting that “significant progress—more than 10 percent of the way there” has already been made.
The Minister indicated that Nigeria is taking deliberate steps to address long-standing infrastructure deficits and attract investment into key sectors. He pointed to the Japanese International Cooperation Agency (JICA), Japan’s development arm, as having extensive experience in executing infrastructure projects globally, offering valuable expertise to Nigeria.
He commended JICA’s growing presence in Nigeria’s development landscape, expressing that deeper cooperation between both countries would enable the sharing of global best practices, adapted to fit local realities and national strategic objectives.
Ambassador Hideo Suzuki, who recently assumed diplomatic duties from Ambassador Matsunaga Kazuyoshi, provided insight into Japan’s ongoing efforts to support Nigeria’s development priorities. He gave an update on the “Data Collection Survey on Transport and Logistics in Nigeria,” one of several initiatives under JICA’s portfolio in the country.
Suzuki mentioned that a landmark initiative, “The Project for the Development of Supporting Environment for Startups and Addressing Social Challenges,” signed in Abuja in April 2024, is the first of its kind undertaken by Japan globally. “This project has attracted considerable interest back home in Tokyo because of its innovative and inclusive design,” he said.
The ambassador also listed other active development projects in Nigeria, including the FCT Reduction of Non-Revenue Water Project; the Project on Promotion of Market-Oriented Agricultural Extension Systems for Livelihood Improvement; and the Post-Harvest Processing and Marketing Pilot Project in Nasarawa and Niger States.
“These projects reflect Japan’s enduring commitment to supporting Nigeria’s journey toward building inclusive systems that address practical, everyday challenges,” Suzuki added. “We look forward to expanding our engagement across all sectors of the Nigerian economy.”
Dr. Samson Ebimaro, Director overseeing the Office of the Permanent Secretary and Director of the International Cooperation Department in the ministry, also spoke during the meeting. He explained that the ministry’s core objective is to foster the growth of the Nigerian economy by stimulating key sectors and encouraging investment flows. “Delivering on key economic indicators requires robust and efficient infrastructure systems, especially in the transport sector. We see this as essential to increasing our Gross Domestic Product (GDP) and facilitating wider economic activity,” he said.
Nigeria and Japan share longstanding economic relations, with trade playing a key role in their bilateral partnership. Nigeria’s main exports to Japan include crude oil, petroleum products, cocoa, and cashew nuts, while Japan exports machinery, vehicles, and chemical products to Nigeria.
As Nigeria intensifies efforts to diversify its economy and modernize its infrastructure, the collaboration with Japan is anticipated to open new opportunities for growth, technology transfer, and sustainable development.
