Emir of Kano, Muhammad Sanusi II, on Wednesday called for stronger collaboration between government and the private sector to accelerate the country’s economic transformation, warning that public spending alone cannot deliver sustainable growth.
“Nigeria cannot rely solely on government spending. The private sector must be given a central role in driving growth and attracting the investments needed to transform the economy,” Sanusi said at a summit on the sidelines of the 80th United Nations General Assembly in New York.
The event, themed “Mobilising Investments for Economic Growth and Cultural Exchange,” took place at the Henry George School of Social Science Auditorium in Manhattan. It was convened by the National Board for Technology Incubation (NBTI), Newday International, Nigerian Progressive Professionals in the Diaspora, and the U.S. chapter of the All Progressives Congress (APC).
Sanusi described public-private partnerships (PPP) as essential to Nigeria’s development, stressing that modern and reliable infrastructure remains critical to meeting the aspirations of millions of citizens.
NBTI Director-General Kazeem Kolawole Raji, represented by Tunde Doherty, said technology incubation is already boosting innovation across agriculture, energy and other sectors. “Through technology incubation, we are not only driving innovation but creating pathways for sustainable development,” he noted.
Tai Balofin, President of Newday International and Chairman of APC USA, pointed to real estate as a potential driver of foreign investment.
“Nigeria and the United States share untapped opportunities in real estate. This sector can attract foreign direct investment and open doors to sustainable partnerships,” he said.
The First Lady of Osun State, Titilola Adeleke, called for gender inclusion in economic planning. “Strategic investments will amplify efforts to empower women and children, breaking gender biases to unlock Nigeria’s economic potential,” she stated. She was joined by her counterparts from Kwara, Niger, Katsina and Zamfara, who also linked gender equality to national development.
One of the major moments at the summit was the unveiling of “Two Years of Bold Leadership & Lasting Change: The Tinubu Effect,” a book documenting reforms under President Bola Tinubu. It cited an increase in foreign direct investment in Nigeria’s digital economy from $22 million in the first quarter of 2023 to $191 million in the same period of 2024, describing it as evidence of rising investor confidence.
Organisers said fresh investment commitments were made in real estate, renewable energy and technology. They also announced new frameworks for PPPs in oil and gas, agriculture, maritime and aviation.