Washington D.C., April 2025 — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has firmly assured international investors that Nigeria remains a safe and promising destination for investment.
Speaking at the Nigeria Investment Forum during the ongoing World Bank/IMF Spring Meetings in Washington D.C., Edun emphasized the government’s unwavering commitment to fiscal stability, economic diversification, and investment-friendly reforms.
“One of the driving forces behind recent changes at the Nigerian National Petroleum Company Limited (NNPCL) is the mandate to boost production and reduce costs,” he said, highlighting the administration’s strategic efforts to improve national revenue and economic performance.
Paving the Way for Private Sector Growth
Edun explained that the Nigerian government is focused on stabilizing the economy to foster a more conducive environment for private sector investment. A key part of this strategy includes optimizing national assets and ensuring fiscal discipline.
“We are working to maintain fiscal congruence. Optimizing our assets is a key step toward bridging budget gaps. More importantly, we uphold the sanctity of contracts, which is critical to investor confidence,” Edun noted.
He stressed that President Bola Tinubu’s administration has laid the foundation for economic revival through essential reforms—reforms that are already delivering visible results. These include:
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The removal of fuel subsidies,
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The unification of forex windows,
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A renewed focus on domestic productivity and export promotion.
A Clear Vision for Growth
According to Edun, the country is targeting 7% annual economic growth, with macroeconomic indicators showing positive momentum. Budget deficits are narrowing, the trade balance is improving, and the naira is gradually stabilizing.
“Our focus is now shifting to targeted sectoral growth, especially in agriculture. We aim to close the food supply gap not by importing more, but by empowering local producers to scale up and innovate,” he explained.
He also revealed that over 90,000 kilometers of fibre optic cable have been deployed to improve digital connectivity, a move he described as critical for empowering youth and tech entrepreneurs.
Additionally, Edun stated that 4,000 kilometers of roads have been earmarked for private sector involvement, with 1,000 km already approved and underway.
CBN Governor: Reforms Are Paying Off
Also speaking at the forum, the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, reinforced the message of economic optimism. He noted that although the past 18 months have been turbulent, the tough reforms are now yielding tangible results.
“We’ve managed to stabilize the macroeconomic environment, and credit rating agencies like Fitch have taken notice. Our focus is on building trust, deepening resilience, and empowering institutions,” Cardoso stated.
He concluded by emphasizing the government’s resolve to stay the course, rebuild confidence, and position Nigeria for long-term economic success.
“We’re moving forward with hope and determination. If we continue on this path, we’ll reach our goals,” he affirmed.
