Nigeria has positioned itself as the desired destination for private investors on the back of critical reforms implemented by the Federal Government to reset the economy and restore confidence, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Edun, who spoke to a group of investors at the Nigerian Investor Forum on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C. on Tuesday, alongside the governor of the Central Bank (CBN), Olayemi Cardoso, said the foundational reforms so far implemented by the President Bola Tinubu administration have begun to yield results, with Nigeria’s economy expanding 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year.

He told the investors drawn from renowned global financial institutions, including J.P. Morgan, that Nigeria’s target was 7 per cent annual growth, calling for investments in infrastructure, manufacturing, and agriculture.

“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting 7 per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” Edun said.

He stressed the significance of the “unprecedented” reforms, saying they drew praise from multilateral partners during ongoing discussions in Washington.

“We said we would do it, and now we have done it. This time, we’re staying the course,” he said.

Edun said with macroeconomic stability gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilizing exchange rate, the government was shifting focus to targeted sectoral growth.

Top on the government’s list, he said, is agriculture and the entire value chain, with the twin goals of boosting food security and enhancing productivity.

“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.

He further said the Federal Government is on course to cleanse the Nigerian National Petroleum Company Limited (NNPC), adding that the recent rejigging of the management of the state oil company was part of the process. He said a forensic audit of NNPC would soon commence.

On infrastructure, the minister mentioned the rollout of 90,000km of fiber optic cable to enhance digital connectivity, which was critical to empowering Nigeria’s youth and tech entrepreneurs.

He said 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery.

Corroborating the minister, CBN Governor Cardoso, said the Nigerian economy is on the path of stabilisation and recovery following months of tough but necessary reforms.

Cardoso credited the country’s improving macroeconomic indicators to orthodox monetary policy and institutional resilience.

“The numbers speak for themselves. The difficult reforms that have been undertaken have begun to bear fruit. Orthodox monetary policy was a road we chose deliberately, and we had no intention of compromising on it,” he said.