FG Assures Global Investors of Commitment to Reforms
…Cites $43.4bn External Reserves
By Patience Ikpeme
The federal government has given investors assurance of its commitment to advancing economic reforms and unlocking opportunities for sustainable investment and growth in Nigeria.
This commitment was made by the Governor of the Central Bank of Nigeria (CBN) and leader of the Nigerian delegation, Mr. Olayemi Cardoso, at the Nigeria Investors Forum held on the sidelines of the 2025 World Bank Group (WBG)/IMF Annual Meetings in Washington D.C.
Following the assurance from the government, a statement from the Ministry of Finance indicated that investors expressed confidence in the country’s reform trajectory.
Mr. Cardoso presented the country’s robust economic fundamentals to the global audience, noting the significant improvement in the external reserve position. He cited the country’s $43.4 billion in external reserves, which he described as 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.
The CBN Governor expressed optimism about Nigeria’s economic prospects, confirming the government’s commitment to strengthening the economy and promoting sustainable growth.
The CBN Deputy Governor, Mohammed Abdullahi, provided further details on the positive trends in foreign exchange liquidity. He stated that the monthly turnover in the forex market has risen by 56.4 per cent to $8.6 billion in 2025.
“Over the last two years, we’ve really 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,” Abdullahi stated.
The Federal Government’s long-term growth ambition was outlined by the Special Adviser to the President on Finance and the Economy, Sanyade Okoli. She said the administration is committed to achieving 7 per cent 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,” Okoli stated.
She also provided data points demonstrating the economy’s ongoing structural changes.
She added that “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.”
The Minister of State for Finance, Dr. Doris Uzoka-Anite, was among the top government officials who joined Mr. Cardoso at the event. Her presence confirmed the commitment of the President Bola Ahmed Tinubu-led Administration to creating an enabling environment for foreign investment.
