The Minister of Finance and Coordinating Minister for the Economy, Mr Olawale Edun, has disclosed that Nigeria has a $14bn annual infrastructure investment gap, for which it continues to seek both domestic and foreign investment.
Edun stated this on Monday in Lagos when he and the Head of the Islamic Development Bank Group, Mr Anasse Aissami, signed the 2026–2028 partnership agreement at the IsDB Group Day in Nigeria,Noting the annual $14bn infrastructure gap, Edun said it had become imperative for the government to leverage strategic partnerships to bridge the gap and fast-track development.According to him, the partnership with the Islamic Development Bank Group will support scalable and transformative projects under the Federal Government’s Renewed Hope Infrastructure Development Fund,Edun said the collaboration is anchored on large-scale financing of sustainable infrastructure projects in roads, rail, ports, energy, agriculture, and digital infrastructure.
He said, “Our strategic partnership with IsDB is to move our priorities to action through scalable, large-scale, transformative projects and initiatives. We have a very important alignment and partnership with IsDB, and it is anchored on two strategic pillars: sustainable infrastructure for economic transformation.
“We are addressing in Nigeria many estimates, one of which is that there is a $14bn annual infrastructure investment gap, and that is being addressed through initiatives such as the Renewed Hope Infrastructure Fund. There are major highways, ports, and rail projects that are being undertaken