The Federal Government has intensified efforts to accelerate economic growth through a strategic partnership with the Islamic Development Bank (IsDB) Group, aimed at mobilising large-scale investments to strengthen infrastructure, expand energy access and drive structural reforms across key sectors of the economy.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the collaboration forms a central pillar of Nigeria’s ambition to grow its economy to $1 trillion by 2030, noting that the country is shifting from a period of macroeconomic stabilisation to one focused on investment expansion and sustained growth.

Speaking in Lagos on Monday at IsDB Group Day, with stakeholders organised by the IsDB Group, Edun explained that the partnership would prioritise investments capable of delivering measurable economic and social outcomes, particularly in transportation, agriculture, digital infrastructure and energy development. He noted that Nigeria faces a significant infrastructure financing shortfall estimated at about $14 billion annually, requiring innovative funding mechanisms and stronger alliances with development finance institutions and private investors.

According to the minister, declining levels of overseas development assistance have made domestic resource mobilisation and private capital attraction increasingly critical to Nigeria’s development strategy. He added that the government is exploring alternative financing models, including Sukuk instruments, to support infrastructure delivery while promoting inclusive and sustainable growth.

Edun also highlighted ongoing reforms targeted at improving trade efficiency, including the implementation of a National Single Window platform designed to harmonise documentation processes across government agencies, reduce port bottlenecks and lower logistics costs for businesses. He said the initiative would enhance Nigeria’s competitiveness within the African Continental Free Trade Area and stimulate export-led growth.

He stressed that sustained investment in highways, rail networks and port modernisation remains essential to achieving the government’s medium-term economic growth target of about seven per cent annually.

Representatives of the Islamic Development Bank reaffirmed the institution’s commitment to deepening engagement with Nigeria through a multi-sector development approach that integrates project financing with trade facilitation, private sector investment and risk management support.

Director-General of Country Programmes at the IsDB, Alassane Aissami, described Nigeria as a key partner and shareholder of the Bank, noting that ongoing and planned interventions span infrastructure, agriculture, energy, education, health and transportation.

He said the Bank’s strategy focuses on system-wide economic transformation capable of unlocking productivity and long-term resilience.

Looking ahead, Aissami said it is finalising a Country Engagement Framework for Nigeria covering 2026 to 2028, anchored on economic transformation through infrastructure investment and private sector development, alongside strengthened human capital programmes.

The Bank reaffirmed its commitment to working closely with government institutions and private sector partners to scale up impactful interventions, promote Islamic finance solutions and contribute to Nigeria’s long-term goal of building a resilient, diversified and inclusive economy.

Similarly, Head of the IsDB Regional Hub in Nigeria, Hammad Zafar Hundal, said the Country Engagement Framework covering 2026 to 2028 would align public and private investments with Nigeria’s development priorities, with particular emphasis on transport corridors, energy systems and social infrastructure.

He added that financing support would be channelled through institutions such as the Bank of Industry, the Nigerian Export-Import Bank and the Development Bank of Nigeria to expand access to funding for small and medium-scale enterprises operating in agribusiness, manufacturing and export-oriented sectors.

Key infrastructure initiatives under the partnership include major transport corridors expected to enhance connectivity, open up agricultural value chains and improve export access across regions.

Stakeholders at the event said the strengthened Nigeria–IsDB collaboration reflects a coordinated effort to unlock private capital, modernise trade systems and accelerate infrastructure delivery, positioning the country for higher productivity and stronger participation in regional and global markets.