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Global investors back Nigeria’s reform drive - THE NATION
Foreign investors have expressed confidence in Nigeria’s ongoing reform agenda following the Federal Government’s renewed assurances of stability and sustained economic growth.
At the Nigeria Investors Forum, held on the sidelines of the 2025 World Bank Group/International Monetary Fund (WBG/IMF) Annual Meetings in Washington D.C., Governor of the Central Bank of Nigeria (CBN) and leader of the Nigerian delegation, Mr. Olayemi Cardoso, said the government remains resolute in its commitment to advancing reforms that attract investment and promote sustainable growth.
According to a statement from the Federal Ministry of Finance, Mr. Cardoso told participants that Nigeria’s improving macroeconomic indicators reflect ongoing progress. He cited the country’s $43.4 billion in external reserves, the highest in five years, as a sign of growing stability and resilience.
“The Central Bank and the Ministry of Finance have been working hand in hand to ensure alignment, stability, and clarity for investors,” he said.
Mr. Cardoso added that the Tinubu administration is taking coordinated fiscal and monetary actions aimed at strengthening the economy and building investor confidence.
The CBN Deputy Governor, Mohammed Abdullahi, gave further insight into the positive outcomes of recent policy adjustments, noting a significant improvement in the foreign exchange market.
He disclosed that monthly FX market turnover has surged by 56.4 percent to $8.6 billion in 2025, reflecting increased liquidity and growing confidence from international investors.
“Over the last two years, we’ve really focused on improving FX flows into the economy, and we’ve seen a significant jump. Average net flows between January 2023 and July have doubled,” Abdullahi said.
On the nation’s medium-term growth outlook, the Special Adviser to the President on Finance and the Economy, Sanyade Okoli, said Nigeria is working toward achieving a 7 percent growth rate by 2027–2028, driven by diversification and infrastructure investment.
“Our target is 7.0 per cent by 2027–2028. When the IMF increased its forecast a week later, for 2025 we are forecasting 4.0 per cent growth, rising to around 5% next year,” she noted.
She also pointed out that the structural transformation of the economy is already evident across several sectors.
“In Q2, 13% of sectors grew above 7%. Our dependence on oil for total exports has reduced to about 57.5% in the first half of this year compared to last year, and oil now accounts for about 4% of GDP, down from 8% in 2021,” Okoli added.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, joined Mr. Cardoso and other top officials at the forum, reflecting the administration’s drive to foster a more competitive and investment-friendly environment.
The Nigeria Investors Forum gathered key policymakers, investors, and development partners to discuss Nigeria’s economic outlook and explore partnerships across critical sectors including infrastructure, manufacturing, and energy.
