Nigeria Invites Foreign Investment, Citing Favorable Economic Reforms
By Patience Ikpeme
The federal government is extending an invitation to foreign investors, urging them to capitalize on Nigeria’s substantial capacity to absorb investment.
The government assures potential investors that President Bola Tinubu’s economic reforms have created conditions conducive to high returns on investment.
Senator Abubakar Bagudu, Minister of Budget and Economic Planning, conveyed this message in Abuja on Wednesday during a courtesy visit by an Austrian delegation. The delegation was in Nigeria for a consultative meeting concerning economic opportunities within the Nigeria-Austria Development Cooperation.
“In the last two years, there have been numerous efforts to ensure that Nigeria’s economy heads in the right direction,” Minister Bagudu told the delegation, which was led by Dr. Kollik Michael, Founder and Managing Director of Prosper Africa. He explained, “President Bola Tinubu has put the economy in a position where it can attract domestic and foreign investment.”
Bagudu pointed to positive economic indicators and ratings from global agencies as evidence that the reforms are yielding results. He assured the delegation that the federal government is committed to maintaining the trajectory of economic reforms. “We are determined to ensure that we listen to the private sector, or rather, people with experience such as yours, so that we can do better,” he stated.
Explaining the ministry’s role in coordinating development planning, he informed the delegation that all three tiers of government in Nigeria possess the capacity to attract investment in agriculture, green initiatives, climate change financing, and infrastructure development.
“Our ministry coordinates the efforts to develop investment-grade proposals that can meet investors’ requirements,” Bagudu informed the delegation.
The Austrian delegation’s visit is part of ongoing engagements under the Nigeria-Austria Development Partnership, which the ministry is facilitating to strengthen economic relations between the two countries. This aligns with the ministry’s mandate to manage and coordinate multilateral and bilateral economic development cooperation.
The explorative and interactive working visit by the Austrian delegation represents a significant cross-cutting engagement within the Nigeria-Austria Development Partnership, addressing key sectors such as finance and environmental migration governance. The discussions will concentrate on financing opportunities through the stock exchange and bond market, aligning closely with Nigeria’s economic diversification agenda and national development priorities.
The visiting delegates, who are interested in sustainable development, green financing, and migration governance, commenced their three-day working visit to Nigeria on Wednesday, concluding on Friday after holding consultative discussions with relevant ministers and other senior government officials.
