Nigeria Aiming for 2012 Olympic Games Bid
"We have 10 years to prepare to host the 2012 Olympic Games," Akiga told a local sports radio station in Lagos.
"It will open a new chapter in the field of sports on the African Continent," he added.
Nigeria has only hosted two big sporting events in its history -- the Africa Games in 1973 and the World Youth Cup in 1999.
No African country has hosted the Olympics.
Egypt's bid to host the 2008 Olympics, won by Beijing, did not get past the first round of voting.
Akiga said preparations could ruin his country's chances, however.
He said "infrastructure and logistic arrangements" for the 2003 Africa Games, Nigeria's launchpad for the 2012 Olympics hosting bid, were lagging behind.
Akiga added that he was unhappy with the state of facilities for the African Games, which will be held in the Nigerian capital of Abuja, reported Reuters.
"By now, we should have the stadium and games village ready, but with about a year to go, I'm not comfortable with our preparations," he said. "All we're giving now is a guarantee that things will be ready, so I'll be rushing now to say they will be the best games."
Nigeria is building an ultra-modern, all-seater 60,000 capacity stadium and a games village in Abuja for the event, fixed for October 4-18, 2003.
Organizers said around 6,000 athletes from 54 countries will compete in 22 disciplines in the continent's largest sports fiesta, staged once in four years.
Work would be sped up for the games' facilities to be ready in time, said Akiga, adding that he would "accept any blame for the preparations".
"Although I don't feel too good about it but as the sports minister, I'd have no choice," he said.