FG targets $78.5bn investment to create 366,763 jobs

The Federal Government is seeking $78.5bn in private investment to execute 65 projects across key sectors of the economy, with the proposed investments expected to generate 366,763 jobs.

The investment drive was unveiled by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Central Bank of Nigeria Governor, Olayemi Cardoso, at the ongoing IMF-World Bank Annual Meetings in Bangkok.

According to details published on the Federal Ministry of Finance’s Projects Nigeria investment portal, the projects span oil and gas, electricity, manufacturing, mining, transportation, agriculture, technology, healthcare and urban development.

To facilitate investment, Oyedele said the government had established a dedicated Nigeria Deal Room to provide prospective investors with project details, funding requirements and direct access to relevant government authorities.

The energy sector accounts for the largest share of the investment pipeline, with 25 projects, while industry, manufacturing and mining account for 17.

Transport and maritime infrastructure have eight projects, while agriculture and agro-processing account for six. Technology, healthcare and urban services make up the remaining nine projects.

Among the major investment opportunities is Project Reliaxx, a crude oil evacuation and midstream infrastructure platform requiring $1.7bn.

The portfolio also includes the $2.69bn Multipurpose Industrial Platforms Limited ammonia and phosphate fertiliser project, the $1.29bn Lagos Greenline Railway and the $1.25bn Premium Steel and Mines integrated steel upgrade.

Other proposed projects are the $355.6m PELIA Flare-Gas AI Data Centre, a $105m agro-processing and cold-chain export hub in Giri, Abuja, and the $1.6bn New Port City development.

Oyedele said the government was pursuing further reforms to remove barriers to investment, including electricity pricing challenges, transmission constraints, low agricultural productivity and regulatory inefficiencies.

He also identified declining inflation, lower borrowing costs and improved coordination between fiscal and monetary policies as critical to sustaining economic growth.

The minister highlighted the Economic Development Incentive, which provides tax credits to eligible businesses under Nigeria’s reformed tax framework, as another measure designed to attract capital into productive sectors.

Cardoso, meanwhile, said reducing inflation remained essential to protecting household purchasing power, particularly among low-income Nigerians.

He also pointed to developments in the capital market and banking sector, saying banks raised approximately N4.6tn during the recapitalisation exercise, with about 72 per cent of the funds sourced from the domestic capital market.

The CBN governor said Nigeria was targeting economic growth of seven per cent by 2027/2028, alongside increased oil production and infrastructure investment.

He said the country aimed to raise crude oil production to three million barrels per day and increase its infrastructure stock to 75 per cent of gross domestic product.

Cardoso added that stronger external reserves had improved Nigeria’s capacity to withstand external economic shocks.

The investment push comes as the World Bank Group works to mobilise up to $5.79bn in private financing for Nigeria in the 2026 fiscal year, with its programmes expected to support about 850,000 direct and indirect jobs.