Nigeria’s economy is exhibiting promising signs of recovery, with inflation on the decline and renewed interest from local and foreign investors, according to the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole. The country’s economic growth has surpassed four per cent, with the World Bank projecting continued growth above this threshold while inflation is expected to be halved between 2024 and 2025.
Speaking at the World Economic Forum in Davos, Switzerland, Dr Oduwole noted that Nigeria’s economic reforms, investment drive, and global partnerships are transforming the country’s outlook and attracting new capital. The minister highlighted that the growth rate is the highest in over a decade, with inflation decreasing significantly. Additionally, trade systems are being modernized, including port operations, with a single window project set to launch by the end of the quarter.
Dr Oduwole emphasized the importance of Nigeria’s trade relationship with the United States, citing the launch of a commercial investment partnership in June last year. She explained that US businesses are working closely with Nigerian businesses, driven by the desire to conduct business efficiently. The minister also mentioned that Nigeria is pursuing long-term reforms, focusing on improving infrastructure, export growth, and trade access, while taking a leadership role under the African Continental Free Trade Area.
The country has also established air cargo corridors with 13 African countries, resulting in significantly reduced freight costs for exporters. The ‘Nigeria House’ debut at the Davos WEF served as a platform to showcase the country’s reform story, investment opportunities, and trade priorities to global investors and policymakers. This development is expected to further boost Nigeria’s economic growth and attract foreign investment. With the country’s economic reforms and investment drive gaining momentum, Nigeria is poised to continue its recovery and growth trajectory, making it an attractive destination for investors and trade partners.
