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Nigeria remains safe investment destination, says finance minister Edun Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s position as a secure and promising destination for investment, citing ongoing reforms and renewed economic momentum. Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun highlighted the government’s commitment to fiscal stability and structural reforms aimed at revitalising 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 said, adding that the administration is also intensifying efforts to diversify the economy and attract private sector participation. According to the minister, the government is focused on optimising state-owned assets to close budgetary gaps and remains committed to upholding the sanctity of contracts — a principle key to building investor trust. “We are committed to stabilising the economy so the private sector will find it attractive to invest,” he said. “Our goal is to ensure fiscal congruence and support sustainable growth.” Edun outlined President Bola Tinubu’s reform agenda, which he said is already producing positive signs of recovery. These include narrowing budget deficits, a stabilising exchange rate, and an improved trade balance. “The economy is showing signs of growth. We are targeting seven per cent annual growth, and the policies we’ve implemented have laid the groundwork to achieve this,” he stated. He identified agriculture as a top priority, emphasizing the importance of boosting local production across the entire value chain to enhance food security. “We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate,” Edun said. Highlighting digital infrastructure as another cornerstone of economic growth, the minister revealed that 90,000 kilometres of fibre optic cable have been deployed nationwide to strengthen connectivity and support Nigeria’s growing tech ecosystem. In addition, 4,000 kilometres of roads have been put forward for private sector participation, with 1,000 kilometres already approved for delivery. Meanwhile, Central Bank Governor Yemi Cardoso echoed Edun’s optimism, noting that the government's tough economic decisions are starting to yield results. “The difficult reforms undertaken have begun to bear fruit,” Cardoso said. “We’ve managed to stabilise the macroeconomy. Fitch’s recent upgrade of Nigeria’s credit rating reflects the progress we’re making.” He acknowledged the challenges of the past 18 months but stressed the administration’s resolve to build a stronger, more resilient economy. “This is about building trust and moving forward with confidence. If we stay the course, we will achieve our goals,” he concluded.

Nigeria approach World Bank for $1.5bn budget support loan

The Federal Government of Nigeria has confirmed ongoing negotiations with the World Bank for a...

15th October 2023

Jeff Bezos buys $79m mansion in Florida

The third-richest person in the world, Jeff Bezos, has added to his real estate holdings...

13th October 2023

Oil firms acquire 26 oil mining licences in 10-year – NCDMB

Nigerian oil companies have obtained approximately 26 oil mining licenses in the Niger...

12th October 2023

5kg cooking gas price rises by N1000 on month - NBS

Cooking gas price hits N1,200/kg – Report

Concerns are growing over the escalating price of cooking gas in Nigeria, with reports...

10th October 2023

How Nigeria borrowed $1.21bn to boost capital imports – NBS

Nigeria increased its capital imports in the first half of 2023 by borrowing $1.21 billion...

9th October 2023

Minister of Budget and Economic Planning, Abubakar Bagudu,

FG to review national development plan

The National Development Plan 2021–2025 is undergoing a midterm assessment by the Federal Government, according...

6th October 2023

FG loses N843bn to gas flaring in 20 months – Report

Data from the National Oil Spill Detection and Response Agency reveals that the...

5th October 2023

Oil production increases to 1.35m barrels/day

23 oil blocks failed to produce crude in 2021 – NEITI

At least 23 oil blocks managed by both international and local oil firms failed to...

4th October 2023

Cooking gas prices drop in June, yearly costs remain high

12.5kg cooking gas hits N12,500 – Report

Market findings have revealed that the price of 12.5kg of Liquefied...

3rd October 2023

Alternative energy spending falls by 21% in H1 2023 – MAN

In contrast to the N76.70 billion invested in the second half of 2022, manufacturers’ investments...

2nd October 2023

Tinubu signs seven bilateral agreements with Qatar

Expect special report on past CBN activities soon – Tinubu

The Special Investigator’s report on prior operations at the Central Bank of Nigeria would soon...

1st October 2023

FG warns foreign companies funding terrorism, illegal mining

The Ministry of Solid Minerals Development, on behalf of the Federal Government, has issued a...

30th September 2023

FG launches major reform to revamp Nigeria’s cooperative

Tinubu expands CNG initiative to include electric vehicles

Dangote refinery cuts ex-gantry petrol price to N1,200/litre

NCC unveils TIRMS to tackle mobile number fraud

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