Nigeria rallies investors as reforms gain traction

The Nigerian government is rallying investors to commit more investments into one of Africa’s biggest economies as various reforms implemented some two years ago begin to yield results.

In a keynote address at the BusinessDay’s 13th CEO forum in Lagos Thursday, Finance Minister Wale Edun stated that Nigeria is at “a turning point”, urging investors to seize the momentum and pour in their capital into the country.

“Invest in Nigerian solutions to Nigerian problems. 
Build long term sustainable businesses. We’re inviting our foreign partners to help us as we reshape the new Nigeria,” Edun, represented by Sanyade Okoli, special adviser to the president on finance and economy said.

“Now more than ever, we have more reasons to be optimistic than not to be optimistic. The fundamentals are in a much better position than they have been for quite a while.”

Investors’ confidence is fast-rising in Nigeria after the government took bold steps to make its economy more market-driven by eliminating costly fuel subsidies and unifying the exchange rate.

The once dollar-starved economy now has well over $20 billion in net reserves with gross reserves climbing to about $38 billion thanks to sweeping market policies that have boosted confidence and rein in inflows.