The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has assured global investors that Nigeria remains a secure and promising destination for investment.
Speaking at the Nigeria Investment Forum held during the ongoing World Bank/IMF Spring Meetings in Washington D.C. on Wednesday, Edun emphasized the government’s commitment to restoring fiscal stability and creating a conducive environment for private sector growth.
“One of the reasons behind the appointment of a new leadership team at the Nigerian National Petroleum Company Limited (NNPCL) is to boost oil production and reduce operational costs,” Edun explained. He added that the administration is taking deliberate steps to diversify the economy and stabilize macroeconomic conditions.
He highlighted asset optimization as a strategic approach to bridging budgetary gaps, reaffirming the government’s commitment to fiscal discipline and respect for the sanctity of contracts.
“We are maintaining fiscal congruence while creating the right environment for private sector investment. The optimisation of public assets is a key strategy, and our administration remains fully committed to honouring existing agreements,” he said.
Edun noted that foundational reforms implemented by President Bola Tinubu’s administration are already delivering early gains, with Nigeria’s economy showing signs of recovery.
“Our aim is not just to sustain this progress but to accelerate it. We are targeting a 7% annual GDP growth rate, and the policies we’ve introduced are designed to pave the way for that target,” he said.
He pointed to positive indicators such as narrowing budget deficits, an improved trade balance, and a more stable exchange rate as signs of returning macroeconomic stability.
Edun identified agriculture as a key sector for targeted growth, stressing the importance of scaling domestic production to boost food security.
“Our focus is on closing the food supply gap by empowering local producers to expand and innovate, rather than relying on imports,” he stated.
The minister also revealed significant progress in infrastructure, including the rollout of approximately 90,000 km of fibre optic cable to enhance digital connectivity—an essential pillar for supporting Nigeria’s tech ecosystem and youth innovation.
Additionally, Edun disclosed that 4,000 km of roads have been tendered for private sector participation, with contracts for the first 1,000 km already signed and set for execution.
Meanwhile, Central Bank of Nigeria Governor, Yemi Cardoso, affirmed that the tough economic reforms are beginning to yield tangible results, contributing to macroeconomic stabilization.
“The reforms, though challenging, are producing outcomes. We have begun to stabilise the macroeconomic environment, and this has been reflected in recent upgrades by rating agencies such as Fitch,” Cardoso said.
He acknowledged the difficulties of the past 18 months but maintained that the government is committed to building a stronger, more resilient economy.
“Our strategy is focused on restoring confidence, fostering resilience, and enhancing institutional capacity. If we stay the course, we will meet our objectives and inspire renewed trust in Nigeria’s economic future,” Cardoso added.
