The Federal Government has disclosed that Nigeria’s economy, now valued at about $1 billion, is largely driven by the private sector, which accounts for roughly 95 percent of economic activities.

Minister of Budget and Economic Planning, Atiku Bagudu, made this known on Monday in Abuja during a stakeholders’ engagement on economic growth and national development.

Bagudu noted that “the government’s contribution to the economy remains minimal compared to that of private businesses”, pointing out that sustainable growth depends heavily on creating an enabling environment for investors.

According to him, the administration is focused on policies that will support private sector expansion, improve infrastructure, and attract both local and foreign investments.

He noted that while the government plays a critical role in regulation and policy direction, the real engine of growth lies with entrepreneurs, industries, and investors across key sectors.

The minister added that strengthening collaboration between the public and private sectors is essential to achieving long term economic stability and inclusive growth.

Stakeholders at the event also called for consistent policies, improved power supply, and ease of doing business reforms to further unlock the country’s economic potential.