The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has assured investors that Nigeria remains a safe destination for investment.
Edun gave the assurance on Wednesday at the Nigeria Investment Forum during the ongoing World Bank/IMF meetings in Washington D.C.
Edun noted that the government is working to ensure fiscal stability.
He stated, “That’s 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 said that the administration was intensifying efforts to diversify and stabilise the economy.
He said that optimisation of assets was another route to closing the gap in the budget.
“We need to ensure that we maintain fiscal congruence; the mandate of NNPCL is to increase production and save costs. We are also diversifying the economy.
“We are committed to stabilising the economy so that the private sector will find it attractive to invest.
“Optimisation of assets is another route to closing the gap in the budget; the government believes in the sanctity of contracts.”
Edun said President Bola Tinubu’s administration has implemented foundational reforms that are already producing positive results, with the Nigerian economy showing signs of growth.
“Our goal is not just to maintain this momentum but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” Edun said.
He noted that macroeconomic stability is gradually returning, as seen in the narrowing budget deficits, an improved trade balance, and a stabilising exchange rate.
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 to yield results, helping to stabilise the macroeconomy.
Cardoso emphasised 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.