Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has stated that Nigeria is exploring and testing innovative methods to improve road infrastructure through public-private partnerships.
He revealed this during a courtesy visit by the new Japanese Ambassador to Nigeria, Mr Hideo Suzuki, to his office in Abuja at the weekend.
The minister noted that partnership will be crucial for unlocking long-term sustainable development, as the nation’s economy relies heavily on road transportation. He added that Nigeria’s clear objective is to ensure that both Nigeria and Japan benefit equitably from their partnership.
He said, “Under our Agenda 2050 Long-Term Development Plan, Nigeria estimated that a minimum annual infrastructure investment of $100 billion per annum will be required to achieve its ambitious target of a $30,000 per capita GDP by 2050.
“Furthermore, in response to President Bola Ahmed Tinubu’s eight-point agenda, we are determined to build a $1 trillion economy within the next five years; this is a bold target, and we are already over 10% of the way towards achieving it.”
Bagudu stated that Nigeria is actively addressing the challenges of underinvestment, particularly in infrastructure, noting that the Japanese International Cooperation Agency (JICA) could utilise its unique experiences and innovative approaches employed in other parts of the world.
He expressed his gratitude to JICA for its expanding involvement in Nigeria’s national development, stating that the partnership between the two countries will facilitate the integration of global best practices while preserving the distinctiveness of their identities and strategic goals.
Earlier, the Japanese Ambassador to Nigeria, Mr. Hideo Suzuki, while providing a brief on the Data Collection Survey on Transport and Logistics in Nigeria, informed the minister that ‘the project for the development of supporting environment for start-ups and addressing social challenges’, which was signed in Abuja in April 2024, was the first of its kind in Japan.
He explained that it has attracted considerable interest in Tokyo due to its innovative and inclusive approach. Other initiatives include the FCT Reduction of Non-Revenue Water Project, the Project on Promotion of Market-Oriented Agricultural Extension Systems for Livelihood Improvement, and the Role of Post-Harvest Processing and Marketing Pilot Project in Nasarawa and Niger States, among others.
He stated that these initiatives reflect Japan’s deep commitment to supporting Nigeria in establishing inclusive systems that tackle genuine, everyday challenges and expressed his eagerness to further strengthen Japan–Nigeria collaboration across all sectors.
Suzuki replaces Ambassador Matsunaga Kazuyoshi, who spent four years in Nigeria.
Earlier, the Director Overseeing the Office of the Permanent Secretary who also doubles as the Director, International Cooperation Department, Dr. Samson Ebimaro, reiterated that the key mandate of the ministry is to grow the economy and in growing the economy, the country needs to spur up economic activities to increase the Gross Domestic Product (GDP) as well as provide and support enabling environment for investments.
He said, “Delivering key economic variables require adequate and efficient methods of infrastructure especially in the area of transport.”
The main export of Nigeria to Japan are crude oil, petroleum products, cocoa and cashew nuts while the main exports of Japan to Nigeria is machinery, vehicles and chemical products.