The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has called for a stronger mobilisation of domestic capital to finance Nigeria’s long-term development, describing it as the foundation for sustainable economic growth and increased private investment.
Speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja on Thursday, the Minister said Nigeria’s development ambitions can only be achieved by unlocking the country’s vast domestic financial resources and strengthening institutions that channel capital into productive sectors of the economy.
Addressing the conference themed “Unlocking Domestic Capital for Development Financing,” the Minister noted that while global financing conditions have become increasingly challenging, Nigeria possesses significant domestic savings, institutional assets and private capital that can be better mobilised to drive infrastructure, industrialisation, agriculture, housing, innovation and other priority sectors.
He stressed that domestic capital is not a substitute for foreign investment but the very foundation upon which sustainable international investment is built, explaining that investor confidence follows credible institutions, sound policies and macroeconomic stability.
“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,” the Minister said.
The Minister highlighted the Federal Government’s ongoing economic reforms under the Renewed Hope Agenda, noting that measures to restore fiscal discipline, improve public finances and strengthen macroeconomic management are already yielding positive results, including improving investor confidence, stronger external reserves, enhanced revenue performance and renewed international confidence in Nigeria’s economy.
He outlined five strategic priorities for unlocking domestic capital: 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, more innovative development finance institutions capable of mobilising significantly larger volumes of private capital.
Mr. Oyedele emphasised that development finance institutions must evolve beyond traditional lending to become catalysts for investment by structuring bankable projects, mitigating risk, supporting policy reforms and creating financing ecosystems that crowd in private capital.
He reaffirmed the Federal Government’s commitment to working closely with development finance institutions, financial regulators, investors and development partners to build a robust financing ecosystem that supports enterprise growth, creates quality jobs, accelerates industrialisation and delivers inclusive prosperity for all Nigerians.
