Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has called on international investors to look beyond the country’s security challenges, stating that reported geopolitical risks are exaggerated. Speaking at the World Economic Forum in Davos, Switzerland, Tuggar emphasized that incidents of insecurity are isolated cases and do not reflect the reality across the country. He attributed the instability to the spill-over of regional conflicts from the Sahel, noting that Nigeria is working with international partners to address the issue.
Tuggar urged investors to treat Nigeria like any other country, considering its vast territory of 923,000 square kilometers. He highlighted the government’s efforts to improve investor confidence, including macroeconomic and fiscal reforms, such as changes to the foreign exchange regime, tax reforms, and a reduction in corporate income tax. The minister also noted that Nigeria’s foreign reserves have increased to around $43 billion, and reforms have eased access to foreign exchange.
On security, Tuggar said Nigeria has made significant gains against Boko Haram through regional cooperation, particularly the multinational joint task force. However, he acknowledged that efforts were disrupted following the Niger Republic’s withdrawal from the force after last year’s military coup. The minister warned that persistent negative framing of Nigeria’s security situation could worsen insecurity by encouraging extremist groups to stage attacks for attention.
Tuggar’s comments come as the Director-General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, advised the Nigerian government to target global investments and supply chain relocations to reduce import dependence and drive job creation. Okonjo-Iweala stressed that rising geopolitical tensions have accelerated supply chain diversification, presenting an opportunity for Nigeria to position itself as a digital trade and infrastructure anchor in Africa.
The Nigerian government’s efforts to improve investor confidence and address security challenges are crucial in attracting foreign investment and driving economic growth. As the country seeks to diversify its economy and reduce dependence on oil exports, it must also work to mitigate the impact of regional conflicts and improve its global reputation. By highlighting the country’s progress and potential, Tuggar and Okonjo-Iweala aim to encourage international investors to take a more nuanced view of Nigeria’s opportunities and challenges.
