Economic Reforms Paying Off, Nigeria’s Finance Minister Assures
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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has assured foreign investors that the country’s recent reforms have created a solid foundation for investment. Speaking at a high-profile investment forum in Washington DC, Edun highlighted the government’s efforts to drive economic growth, targeting a 7% annual growth rate.
According to Edun, the administration of President Bola Tinubu has implemented reforms that are yielding results, with the Nigerian economy expanding 3.84% in Q4 2024 and 3.4% overall for the year. He encouraged investors to take advantage of opportunities in infrastructure, manufacturing, and agriculture.
Central Bank of Nigeria Governor Olayemi Cardoso echoed Edun’s sentiments, stating that the economy is on a path of stabilization and recovery. Cardoso credited orthodox monetary policy and institutional resilience for the country’s improving macroeconomic indicators.
Recent upgrades in Nigeria’s credit outlook by global ratings agencies validate the country’s efforts to restore macroeconomic discipline and investor confidence, Cardoso said. He noted that despite global economic uncertainty, Nigeria has demonstrated relative resilience, showcasing the growing strength of its institutions and policy direction.
Cardoso emphasized the importance of building confidence, saying that people are seeing a clear direction and confidence in the naira is returning. He also observed a surge in interest from international investors, who are increasingly viewing Nigeria as a viable destination for capital.
The government has undertaken significant reforms, including the removal of fuel subsidies and the transition to market-driven pricing in the petroleum and foreign exchange markets. Edun said these reforms have restored investor confidence and enabled more accurate economic projections.
