Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, reassured global investors that the country remains a secure and attractive destination for investment.
Edun offered this assurance during his address at the Nigeria Investment Forum, held as part of the ongoing World Bank/IMF meetings in Washington D.C. on Wednesday.
The minister emphasized that the Nigerian government is committed to maintaining fiscal stability and implementing reforms that would drive economic growth.
He said, “One of the key steps we’ve taken is the formation of a new team at the Nigerian National Petroleum Company Limited (NNPCL), with a mandate to increase production and reduce operational costs.”
Edun highlighted that the administration is making concerted efforts to diversify and stabilize the economy, with asset optimization playing a central role in addressing the country’s budget deficit.
“We must ensure fiscal alignment, and part of the strategy for this is increasing production and cutting costs within the NNPCL. We’re also working to diversify the economy and stabilize it so that the private sector will find Nigeria more attractive for investment,” he said.
He added that asset optimization is another critical avenue for closing the budget gap, and the government remains firm in its belief in the sanctity of contracts, which encourages investor confidence.
Edun also expressed that the administration of President Bola Tinubu has introduced foundational reforms that are already yielding positive results, with visible signs of growth in the Nigerian economy. He set a target of seven percent annual growth, emphasizing that the current policies are setting the stage to achieve this goal.
“Our aim is not only to maintain this positive momentum but to accelerate it. We’re targeting a consistent seven percent annual growth, and the reforms we’ve implemented are laying the foundation for this,” Edun stated.
He further noted that Nigeria is gradually regaining macroeconomic stability, citing improvements such as a narrowing budget deficit, a more balanced trade environment, and a stabilizing exchange rate.
Looking ahead, the government is focusing on targeted sectoral growth, with agriculture being a top priority. Edun stressed that enhancing the entire agricultural value chain would be essential to boosting food security and increasing productivity in the country.
“We’re committed to closing the food supply gap, not by increasing imports, but by empowering domestic producers to scale up and innovate,” Edun explained.
The minister also outlined the government’s efforts to improve digital connectivity in Nigeria, revealing that 90,000 kilometers of fiber optic cables have been deployed to enhance the country’s digital infrastructure. This initiative is seen as vital to empowering Nigeria’s youth and supporting tech entrepreneurs.
Additionally, Edun shared that the government has tendered 4,000 kilometers of road projects for private sector participation, with the first 1,000 kilometers already signed off for development.
Meanwhile, the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, joined the discussion by noting that the difficult reforms implemented in recent times are beginning to show results, contributing to the stabilization of the macroeconomy. He also acknowledged the challenging period the country has faced in the last 18 months.
“The difficult reforms we’ve put in place have already begun to yield positive outcomes. We’ve seen our credit ratings improve, and we are now in a stronger position to build a more resilient economy,” Cardoso said.
He reaffirmed the government’s resolve to remain committed to its reform agenda, despite the ongoing challenges.
“For the past 18 months, we’ve been facing a period of crisis, but we’ve rolled up our sleeves to build a more resilient and capable economy. Our goal is to build confidence and trust, and if we continue on this path, we are confident that we will meet our objectives,” he added.
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