The Federal Government says Nigeria private investment will play a major role in the country’s next phase of economic growth, as it seeks to reduce reliance on public borrowing and attract more domestic and foreign investors.
Finance Minister Taiwo Oyedele announced the plan on Wednesday, October 21, 2026, during an event at Chatham House in London. He said the government intends to finance future growth through private capital rather than increasing government debt.
Oyedele also ruled out a return to petrol subsidies, insisting that the government would maintain the policy introduced in 2023.
Nigeria Private Investment to Attract More Capital
Oyedele said Nigeria must attract private investors to support economic expansion and reduce its dependence on borrowed funds. The strategy aims to encourage businesses to invest, create jobs and expand productive activities across the country.
The government has introduced major economic reforms since President Bola Tinubu took office in 2023. These include removing petrol subsidies and changing the foreign exchange system.
According to reports, the reforms have helped improve public finances, strengthen foreign reserves and attract investment. However, they have also increased financial pressure on households and businesses.
The government now faces the challenge of turning these economic changes into better living conditions for Nigerians.
Oyedele said the government aims to achieve average annual economic growth of about seven per cent over the next five years. This target exceeds the International Monetary Fund’s projections of 4.2 per cent growth in 2026 and 4.3 per cent in 2027.
Finance Minister Rules Out Return of Petrol Subsidy
The minister maintained that the Federal Government would not restore petrol subsidies, despite concerns about fuel prices and the rising cost of living.
He argued that economic growth, higher wages and targeted assistance would provide better support for vulnerable households.
Oyedele also disclosed that about 10 million households currently receive assistance through the government’s cash transfer programme.
Meanwhile, he said Nigeria’s inflation rate had fallen to 14.63 per cent from 21 per cent a year earlier. He added that the government wanted to reduce inflation to low single-digit levels in the coming months.
The government’s investment strategy will depend on its ability to build investor confidence and encourage businesses to commit capital to the economy.
However, Nigerians will also expect these efforts to create jobs, improve incomes and ease the cost of living. The coming years will show whether the government’s approach can deliver sustainable growth and broader economic benefits.
