Emma Ujah, Abuja Bureau Chief
Washington DC- Foreign investors have expressed confidence in the Nigeria’s ongoing economic downturn on reforms.
Various speakers at the Nigeria Investors Forum held on the sidelines of the 2025 WBG/IMF Annual Meetings in Washington D.C., yesterday, said they were encouraged by the reforms which unified the foreign exchange markets, providing greater transparency in the sector.
The Central Bank Governor and leader of the Nigerian delegation to the meetings, Mr. Olayemi Cardoso assured investors of the government’s commitment to advancing reforms and unlocking opportunities for sustainable investment and growth.
The Minister of State for Finance, Dr. Doris Uzoka-Anite was among the top government officials who joined Mr. Cardoso at the event, organised for interaction with foreign investors on the commitment of President Bola Ahmed Tinubu-led Administration to creating an enabling environment for foreign investment.
The CBN Governor highlighted the country’s robust economic fundamentals, citing the $43.4 billion in external reserves, the highest level in five years.
“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 expressed optimism about Nigeria’s economic prospects, emphasizing the government’s commitment to strengthening the economy and promoting sustainable growth.
The CBN Deputy Governor on Policy, Mr. Mohammed Abdullahi, elaborated on the significant improvements in foreign exchange inflows, with monthly turnover in the forex market rising by 56.4% to $8.6 billion in 2025.
According to him, “Over the last two years, we’ve focused a lot on improving FX flows into the economy, and we’ve seen a significant jump. Average net flows between January 2023 and July have doubled,” he said.
The Special Adviser to the President on Finance and the Economy, Sanyade Okoli, in her presentation, reiterated the Federal Government’s commitment to achieving 7% economic growth by 2027-2028 through diversification and investment in infrastructure.
“Our target is 7% by 2027-2028. When the IMF increased its forecast a week later, for 2025 we are forecasting 4% growth, rising to around 5% next year,” Mrs. Okoli stated.
She added, “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.”
Dr. Uzoka-Anite’s presence at the event demonstrated greater synergy between fiscal and monetary authorities in the Federal Government’s commitment to creating an enabling environment for foreign investment and the pursuit of economic growth and development.
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