Nigeria Remains Attractive for Investment, Finance Minister Edun Assures Investors
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reassured global investors that the country remains a safe and viable investment destination despite economic challenges.
Government’s Commitment to Fiscal Stability
Speaking at the Nigeria Investment Forum during the World Bank/IMF meetings in Washington D.C., Edun emphasized the government’s efforts to ensure fiscal stability through strategic reforms.
“That is one of the reasons for the new team at the Nigerian National Petroleum Company Limited, and their mandate is to increase production and save costs,” he explained.
Economic Diversification and Growth Strategy
The Minister outlined the administration’s comprehensive approach to diversifying and stabilizing the economy, highlighting asset optimization as crucial for closing budget gaps.
“We need to ensure fiscal congruence; the mandate of NNPCL is to increase production and save costs. We’re also diversifying the economy,” Edun stated, detailing the government’s roadmap for sustainable economic growth.
Private Sector Investment and Infrastructure Development
Edun reiterated the government’s commitment to creating an attractive environment for private sector investment, citing significant progress in infrastructure development:
- 90,000 km of fiber optic cable deployed to enhance digital connectivity
- 4,000 km of roads tendered for private sector participation
- First 1,000 km of roads already signed off for delivery
Focus on Agricultural Development
The Minister identified agriculture as a priority sector, emphasizing the entire agricultural value chain as key to boosting food security and productivity.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale up and innovate,” he said.
Central Bank Governor on Economic Reforms
Central Bank Governor Yemi Cardoso echoed these sentiments, noting that difficult reforms are beginning to yield positive results in macroeconomic stabilization.
“The difficult reforms undertaken have begun to bear fruit. We have been able to stabilise the microeconomy,” Cardoso stated, referencing Fitch’s recent upgrade of Nigeria’s economic outlook.
Both officials expressed confidence in Nigeria’s economic trajectory, with Edun projecting 7% annual growth as policies continue to take effect.
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