From Adanna Nnamani, Abuja
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged international investors to view Nigeria as a prime investment destination, with a focus on its economic potential and private sector opportunities.
Speaking at the Nigeria Investment Forum on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C., Edun outlined reforms under President Bola Ahmed Tinubu’s administration to drive sustainable growth.
Following 3.8% GDP growth in 2024, Edun announced a target of 7% annual growth, driven by strategies to boost agriculture, digital infrastructure, and oil production. “We have laid foundations for a resilient Nigeria to attract private sector investment,” he said, citing subsidy removal and market-driven petroleum pricing as key reforms. A ministry statement emphasised creating a business-friendly environment to support these goals.
Edun put a spotlight on vast opportunities in infrastructure, agriculture, and digitalisation, stating, “We aim to crowd in the private sector to bridge the $100 billion annual infrastructure gap.” He noted 90,000 km of fibre optic cables deployed and 4,000 km of roads tendered for private sector participation, with 1,000 km already signed off.
The meeting included Senator Mohammed Sani Musa (Chairman, Senate Committee on Finance), Hon. Saidu Musa Abdullahi (Deputy Chairman, House Committee on Finance), Central Bank Governor Olayemi Cardoso, Permanent Secretary Lydia Shehu Jafiya, Special Adviser Sayande Okoli, and Debt Management Office Director General Patience Oniha.
Edun stressed Nigeria’s focus on leveraging its large African market and manufacturing potential to navigate global economic challenges.