Nigeria safe for investment, Edun tells Global Investors at IMF/World Bank Forum

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has assured international investors that Nigeria remains a secure and promising destination for investment.

Edun gave the assurance at the Nigeria Investment Forum, which took place on Wednesday in Washington D.C. during the ongoing World Bank and International Monetary Fund (IMF) meetings.

The minister highlighted the government’s determination to maintain fiscal discipline while implementing reforms to stabilise and expand the economy.

He noted that part of these efforts included the recent leadership changes at the Nigerian National Petroleum Company Limited (NNPCL), whose new management has been tasked with boosting oil production and reducing operational costs.

“We need to ensure that we maintain fiscal congruence. That’s one of the reasons for the new team at the NNPCL. Their mandate is to increase production and save costs. We are also diversifying the economy,” Edun explained.

He disclosed that optimising national assets was another strategy the federal government would use to bridge gaps in the budget. Edun reaffirmed the administration’s respect for the sanctity of contracts, stating that this was crucial for building investor confidence.

The minister added that Nigeria had laid down solid economic reforms which were beginning to yield positive results, noting that the economy was already expanding. “Our goal is not just to maintain this momentum but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” he said.

Edun mentioned that macroeconomic stability was gradually returning, as seen in narrowing budget deficits, an improved trade balance, and a stabilising exchange rate. The government, he said, was now concentrating on growing targeted sectors such as agriculture, aiming to enhance food security and support local producers rather than increasing food imports.

He also revealed that about 90,000 kilometres of fibre optic cable have been installed across the country to strengthen digital connectivity, a move expected to empower young Nigerians and technology entrepreneurs. Furthermore, an additional 4,000 kilometres of roads have been tendered for private sector involvement, with the first 1,000 kilometres already approved for construction.

Speaking at the event, the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, said the tough reforms introduced by the government were starting to pay off, adding that the country had succeeded in stabilising its macroeconomic environment despite difficult times over the past 18 months.

Cardoso noted that while Nigeria had faced a challenging economic crisis, the country responded with resilience and was now on a steady path to recovery. “The difficult reforms undertaken have begun to bear fruit. We have been able to stabilise the macroeconomy. Fitch has upgraded us more recently; no doubt, we are in a period of heightened uncertainty.

“We have, for the past 18 months, been in a period of crisis, and our response to that period is to roll up our sleeves and ensure we build a stronger economy with respect to resilience and capacity for people and institutions,” he added.

According to Cardoso, the ongoing efforts are geared towards building trust, confidence, and hope in the system, with the expectation that the country will achieve its economic targets if the current pace is sustained.