Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has announced that Nigeria is fast emerging as a prime destination for investors, trailing closely behind China and India. Edun shared this insight during an interview on the sidelines of the ongoing 2023 World Bank/IMF Annual Meetings in Marrakech, Morocco.
He underscored the imperative for Nigeria to be fully prepared to attract and retain investments, transforming initial interest into substantial commitments within key sectors such as agriculture, solid minerals, industry, manufacturing, and import substitution. It is these areas that have piqued the interest of investors, including those already operating within Nigeria, and sparked a surge in Foreign Direct Investment (FDI).
Edun articulated the government’s overarching goal to strengthen the Nigerian economy, alleviate poverty, and enhance the quality of life for all citizens. He emphasised President Bola Tinubu’s unwavering commitment to this vision, adding that the administration is taking the necessary steps to lay the groundwork for this transformative journey.
The minister expressed that his presence at the World Bank/IMF meetings in Marrakech was an opportunity to gauge global sentiment regarding Nigeria. He reported that the reaction thus far has been favourable. Furthermore, he revealed that Nigeria has been appointed to chair the African Governors’ Forum of the World Bank.
In his new role, Nigeria now has the unique opportunity to unite the African continent, bringing together finance ministers, economic leaders, and government representatives to advocate for an equitable and just energy transition. As the chairman of the African Governors’ Forum, Nigeria can facilitate a collective voice for African countries to negotiate a more favourable deal for the continent.
This development reinforces Nigeria’s growing stature on the global economic stage and highlights the potential to drive substantial investment, not only within the nation but also across the African continent.
