Nigeria now ranks among the top investment destinations, alongside China and India- Wale Edun

Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, recently made a significant announcement regarding the country’s position as a highly sought-after investment destination. According to his statement delivered during an interview with journalists in Marrakech, Morocco, as part of the ongoing 2023 World Bank/International Fund (IMF) Annual Meetings, Nigeria has firmly established itself as the third-largest economy that investors are actively pursuing, following in the footsteps of economic powerhouses China and India.

Edun’s remarks underlined the critical importance of proactive measures to harness this growing interest and translate it into tangible investments, particularly in key sectors such as agriculture, solid minerals, industry, manufacturing, and import substitution. These sectors were highlighted as pivotal drivers of investor interest in Nigeria, particularly in the realm of Foreign Direct Investment (FDI). Edun noted that this interest extends not only to potential investors but also to those who have already established a presence in the country.

In line with these developments, Edun expressed the government’s commitment to fostering economic growth, poverty reduction, and improved quality of life for all Nigerians. He attributed this commitment to President Bola Tinubu and his administration, emphasizing their dedication to the nation’s prosperity.

Furthermore, Edun shed light on the purpose of Nigeria’s participation in the World Bank/IMF meetings in Marrakech, indicating that it aimed to gain a broader global perspective on Nigeria’s economic prospects. He reported that the initial reactions from the meetings were positive, and Nigeria had received the honor of leading the African Governors’ Forum of the World Bank.

In this new leadership role, Edun emphasized the opportunity to unite the African continent, involving finance ministers, economic leaders, and government representatives in a collaborative effort to advocate for a fair and equitable energy transition. As the chairman of the African Governors’ Forum, he expressed that Nigeria is well-positioned to unify the continent and enable African countries to present a unified voice, ultimately securing a more favorable deal for Africa on the global stage.