Private Sector Must Drive 95% Of Economic Growth – Uzoka-Anite

The Minister of State for Budget and Economic Planning, Doris Uzoka-Anite, has said that the private sector must drive about 95 per cent of Nigeria’s economic development if the country is to achieve its $1tn economy target by 2030.

Uzoka-Anite remarked on Monday while resuming duties at the Federal Ministry of Budget and Economic Planning in Abuja.

She stressed that the government would only contribute about five per cent to the country’s economic growth efforts, while the bulk of development would need to come from private sector investments.

Uzoka-Anite also urged that the administration’s Renewed Hope programme should be anchored on private sector leadership in order to deliver sustainable economic outcomes.

“I have no doubt that Mr. President can achieve the $1tn 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.

Speaking earlier, the Minister of Budget and Economic Planning, Abubakar Bagudu, highlighted the need for stronger policy coordination among the federal, state, and local governments to accelerate development.

According to him, state governments account for about 48 per cent of total public expenditure in Nigeria, making cooperation across all tiers of government critical to achieving national economic targets.

“The minister recalled recent discussions of the National Economic Council, which identified several key policy priorities aimed at accelerating national development, including improved coordination among federal, state, and local governments, especially since state governments account for about 48 per cent of public expenditure,” the statement read.

Bagudu reaffirmed the Federal Government’s commitment to growing the country’s economy to $1tn by 2030, explaining that the target would require sustained annual economic growth of about seven per cent.

He noted that the forthcoming National Development Plan for 2026 to 2030 would guide policy reforms, investment priorities, and development initiatives across the country.

Bagudu also said the ministry plays a central role in shaping Nigeria’s development strategy by coordinating national plans, harmonising fiscal and economic policies, advising the President, and overseeing development programmes across all tiers of government.

He further highlighted key priorities identified by the National Economic Council, including increased investment in security, financing of critical infrastructure projects, and intensified enforcement against illegal activities in the extractive sector such as crude oil theft and illegal mining.

Bagudu added that the ministry continues to coordinate international development partnerships to support Nigeria’s economic expansion, noting that the recent upgrade of Nigeria’s bilateral relations with China to a comprehensive strategic partnership has already produced several cooperation agreements focused on economic development.

Uzoka-Anite expressed appreciation to President Bola Tinubu for the opportunity to serve in different capacities within the administration, noting that she had previously served as Minister of Industry, Trade, and Investment and later as Minister of State for Finance.

She added that her experience on several economic committees of the Federal Government would support her work in the ministry.

The Permanent Secretary of the ministry, Deborah Odoh, described Uzoka-Anite’s resumption as timely, noting that her experience and engagement would strengthen the ministry’s leadership as it works to implement the President’s Renewed Hope Agenda.