Nigeria’s Minister of Finance and Coordinating Minister of the Economy Wale Edun has reassured investors that the country remains a safe investment destination.
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.
“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 said.
Edun noted the administration’s efforts to diversify and stabilize the economy, pointing out that optimizing assets is 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, outlining the government’s strategy for economic growth and stability.
The Minister reiterated the government’s commitment to stabilizing the economy, making it attractive for private sector investment.
“We are committed to stabilizing the economy so the private sector finds it attractive to invest,” he stated. Edun highlighted the importance of asset optimization in closing budget gaps, noting the government’s commitment to upholding contracts.
He also underscored the progress made under President Bola Tinubu’s administration, citing foundational reforms that are yielding positive results and driving economic growth.
“Our goal is not just to maintain momentum but to accelerate it,” Edun said, adding that the administration targets 7% annual growth, confident that implemented policies have laid the groundwork for achieving this goal.
According to him, the government is now directing its attention to targeted sectoral growth, with agriculture at the top of the list.
He highlighted the entire agricultural value chain as key to boosting food security and enhancing 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.
Edun also revealed that about 90,000 km of fibre optic cable has been rolled out to enhance digital connectivity, describing it as crucial for empowering Nigeria’s youth and tech entrepreneurs.
He also disclosed that 4,000 km of roads have been tendered for private sector participation, with the first 1,000 km already signed off for delivery.
Meanwhile, the Governor of the Central Bank of Nigeria, Yemi Cardoso, said the difficult reforms put in place have started yielding results, helping to stabilise the macroeconomy.
Cardoso said the government’s determination to stay the course despite facing significant challenges over the past 18 months.
“The difficult reforms undertaken have begun to bear fruit. We have been able to stabilise the microeconomy. Fitch has upgraded us more recently; no doubt, we are in a period of heightened uncertainty,” Cardoso said.
“We have, for the past 18 months, been in a period of crisis, and our response to that period is to roll up our sleeves and ensure we build a stronger economy with respect to resilience and capacity for people and institutions.
“This is all about building confidence and trust and moving in a direction of more confidence and hope; if we continue in this direction, we will achieve our set goals,” he said.
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