The Federal Government has reaffirmed its commitment to mobilising domestic capital to finance Nigeria’s long-term development, saying stronger local investment will play a vital role in accelerating economic transformation and attracting greater private sector participation.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, made this known while speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) held in Abuja on Thursday.
His remarks were contained in a statement issued on Friday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
Speaking on the conference theme, “Unlocking Domestic Capital for Development Financing,” Oyedele stressed the need for Nigeria to harness its domestic financial resources and strengthen institutions capable of channeling capital into productive sectors of the economy.
He noted that despite increasingly challenging global financing conditions, Nigeria possesses substantial domestic savings, institutional assets and private capital that can be leveraged to fund infrastructure, industrialisation, agriculture, housing, innovation and other strategic sectors.
According to the minister, domestic capital should not be seen as an alternative to foreign investment but as the foundation for attracting sustainable international investments.
“Our focus is to build an economy where confidence leads capital. By strengthening macroeconomic stability, deepening our financial markets and empowering development finance institutions to catalyse private investment, we are unlocking Nigeria’s enormous domestic potential to finance inclusive and sustainable growth,” Oyedele said.
He added that the Federal Government’s ongoing economic reforms under the Renewed Hope Agenda are beginning to yield positive results, including improved investor confidence, stronger external reserves, enhanced revenue generation and renewed international confidence in Nigeria’s economy.
The minister identified five priority areas for unlocking domestic capital. These include expanding investment opportunities for households, deepening institutional capital through pension and insurance assets, strengthening credit enhancement mechanisms, broadening local currency financing through the capital market, and building stronger development finance institutions capable of attracting greater volumes of private investment.
Oyedele also urged development finance institutions to move beyond conventional lending by helping to structure bankable projects, reduce investment risks, support policy reforms and establish financing ecosystems that encourage increased private sector participation.
He expressed confidence that stronger collaboration between government, financial institutions and the private sector would position Nigeria to achieve inclusive and sustainable economic growth driven largely by domestic resources.
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