Nigeria, now preferred investment choice, after China and India-Edun

Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has stated that, after China and India, Nigeria is the largest economy that investors are pursuing.

Edun shared this insight during an interview with newsmen on Tuesday in Marrakech, Morocco, on the sidelines of the ongoing 2023 World Bank/International Fund (IMF) Annual Meetings.

However, he emphasized the importance of preparing to attract such investments and converting initial interest into investments in Agriculture, solid minerals, industry, manufacturing, and import substitution.

The minister highlighted these sectors as the driving forces behind investors’ interest in Nigeria, particularly in terms of Foreign Direct Investment. He noted,

• “Such investors also include those that are already in Nigeria.”

His words were,

• “We aspire to foster the growth of the Nigerian economy, alleviate poverty, and enhance the quality of life for all Nigerians. This is the commitment of President Bola Tinubu and his administration,” he added.

Why Nigeria is attending the World Bank/IMF meeting

Edun clarified that his presence at the World Bank/IMF meetings in Marrakech was to gauge the global perspective in Nigeria. He reported that the initial reactions had been positive, and Nigeria had been appointed to lead the African Governors’ Forum of the World Bank.

With this new role, he emphasized the opportunity to unite the African continent, involving finance ministers, economic leaders, and government representatives. He suggested that they should collaborate to advocate for a fair and equitable energy transition.

He said,

• “As the chairman of the African Governors’ Forum, Nigeria now has the chance to unify the continent, enabling African countries to present a unified voice and secure a better deal for Africa,” he concluded.