Nigeria: Minister highlights digital infrastructure as key investments with 4.7 percent economic growth 2026

*Wale Edun, Minister for Finance and Coordinating Minister for the Economy, says investments in digital infrastructure, including deployment of over 90,000 kilometres of fibre optic cables by the World Bank and Ministry of Communications, Innovation and Digital Economy, are part of efforts at empowering young Nigerians, and supporting technology-driven economic growth

Isola Moses | ConsumerConnect

The Federal Government has said the Nigerian economy is projected to grow 4.68 percent 2026, as it intensifies efforts at driving investment-led, inclusive growth, to create jobs and enhance welfare of Nigerians.

ConsumerConnect reports  Mr. Wale Edun, Honourable Minister for Finance and Coordinating Minister for the Economy, said this Thursday, January 15, 2026, in his  keynote address delivered at the launch of the Nigerian Economic Summit Group (NESG) Macroeconomic Outlook Report for 2026, in Lagos.

Edun disclosed the projected 4.68 percent growth for this year aligns with the Nigerian Government’s medium-term objective of achieving seven percent annual growth, and building $1trillion economy by the end of the decade.

The Minister also explained how the economy, in 2026, was projected to grow at 4.68 percent, consistent with the government’s path to seven percent growth per annum, and $1trillion economy by 2030.

In his keynote address, he equally projected the average inflation rate at 16.5 percent, and the exchange rate at about N1,400 per dollar.

Edun further stated: “For inflation, as we have said, we need to get into simple figures.

“It is expected to average 16.5 percent and the exchange rate, N1,400 per dollar.”

According to the Minister, the 2026 Federal Budget, christened, “Budget of Consolidation, Renewed Resilience and Shared Prosperity”, reflects President Bola Ahmed Tinubu’s commitment to ensuring that macroeconomic improvements translate into real gains in Nigerians’ daily lives.

He averred: “It is not about the metrics or the percentages; it is about the lived experience of Nigerians in terms of electricity supply, food availability and improved welfare.”

On budget deficit, investments and GDP

Minister Edun said the 2026 budget deficit, estimated at about four percent of Gross Domestic Product (GDP), reflected the scale of Nigeria’s development needs, and the ambition to accelerate growth.

He as well emphasised that following the removal of distortions and recent stabilisation measures, the focus of country’s economic policy has shifted to driving growth through increased investment in the economy.

Edun explained: “Ongoing investments in digital infrastructure, including the rollout of over 90,000 kilometres of fibre optic cables in collaboration with the World Bank and the Ministry of Communications (Innovation and Digital Economy) are part of efforts to empower young Nigerians and support technology-driven growth.”

He also reminded the audience of the four core objectives of the Nigerian Government’s reform programme.

The Minister said: “These include: consolidating macroeconomic stability, improving the business and investment climate, strengthening human capital while protecting the vulnerable through social protection, and stimulating broad-based economic growth.”

In regard to fiscal performance, Edun said that even with shortfalls in oil and gas revenues, compared to budgeted levels, the Federal Government prioritised fiscal federalism, transparency, and accountability in managing the Federation Account.

He noted “this ensured that funds due to states and sub-national governments were fully disbursed, significantly strengthening their financial positions.”

According to him, several states recorded budget surpluses of about three percent, enabling increased spending on health, education, public services, and other social and economic priorities.

He also highlighted that the Federal Government demonstrated fiscal discipline by extending the 2024 Budget to ensure the completion of priority capital projects across Nigeria.

The Minister stated: “Aggregate capital expenditure in 2024 stood at about N11.1 trillion, representing an 85 percent performance, reflecting the administration’s emphasis on completing ongoing projects.”

Edun affirmed that all statutory obligations, including foreign and domestic debt servicing as well as salary payments, were fully met.

“These outcomes underscore a strong commitment to transparency, structural reform and fiscal discipline, as well as laying the foundation for rapid, sustained and inclusive growth,” Edun said.

On implementation of new tax laws

Emphasising that President Bola Ahmed Tinubu administration’s strategic vision is to build a resilient, diversified, and globally competitive economy, Edun said the new tax laws are designed to be pro-poor, broaden the tax base, simplify compliance, and exempt essential goods, food items, and small businesses in the country.

According to him, President Tinubu’s strategic vision is focused on building a resilient, diversified, and globally competitive economy.

He said such an economy could leverage exchange rate stability, and expanded trade opportunities under ECOWAS and the African Continental Free Trade Area (AfCFTA).

Edun: Private sector holds the ace to sustainable growth in economy

Edun equally identified and highlighted key priorities for 2026 to include improving competitiveness of the Nigerian economy through sound governance, boosting agricultural productivity and food security, accelerating infrastructure and energy development, and investing in human capital.

The Minister, however, certain constraints in global concessional financing, but said Nigeria must increasingly rely on “domestic resource mobilisation”  and “private sector investment” to fund inclusive development.

He, therefore, urged Nigerians at home and overseas to take advantage of the current improved macroeconomic conditions to invest in the country’s economy.

The Minister asserted: “The private sector is indispensable to sustaining growth.

“We remain committed to delivering tangible benefits to the average Nigerian.”

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