Nigeria remains safe investment destination, says finance minister Edun

• Published On: 25 April 2025 at 06:16

Nigeria's Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country's status as a safe and viable investment destination, noting continuing reforms and renewed economic impetus.

Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun emphasised the government's commitment to budgetary stability and structural reforms to revitalise the economy.

"One of the reasons for the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) is to increase production and reduce costs," Edun stated, adding that the administration is also stepping up efforts to diversify the economy and encourage private sector investment.

According to the minister, the government is focused on optimising state-owned assets to eliminate budgetary shortages while remaining dedicated to contract sanctity, which is critical to building investor trust.

"We are committed to stabilising the economy so the private sector will find it attractive to invest," he further stated. "Our goal is to ensure fiscal congruence and support sustainable growth."

Edun presented President Bola Tinubu's reform plan, which he claims is already showing indications of improvement. These include reducing budget deficits, stabilising the exchange rate, and improving the trade balance.

"The economy is exhibiting signs of expansion. We aim for 7% yearly growth, and the measures we've put in place will help us get there," he said.

He ranked agriculture as a key priority, emphasising the significance of increasing local production along the value chain to improve food security. "We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate," Edun told the crowd.

The minister emphasised digital infrastructure as another pillar of economic growth, revealing that 90,000 km of fibre optic cable have been placed nationally to improve connection and assist Nigeria's booming tech ecosystem.

In addition, 4,000 km of roads have been proposed for private sector participation, with 1,000 already approved for delivery.

Meanwhile, Central Bank Governor Yemi Cardoso reiterated Edun's optimism, stating that the government's severe economic measures are beginning to show benefits.

"The difficult reforms undertaken have begun to bear fruit," according to Cardoso. "We've stabilised the macroeconomy. Fitch's recent credit rating increase for Nigeria underlines the progress we're making."

He acknowledged the challenges of the previous 18 months, but emphasised the administration's commitment to building a stronger, more resilient economy.

"This is about developing trust and moving forward with confidence. "If we stay the course, we will meet our objectives," he said.