The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, says Nigeria’s economy is recording strong signs of recovery, with growth above four per cent, easing inflation and renewed investor confidence.
Oduwole said ongoing economic reforms, an aggressive investment drive and strengthened global partnerships are reshaping Nigeria’s economic outlook and attracting fresh local and foreign capital.
She made the remarks in an interview with CNN on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland.
According to her, the World Bank projects Nigeria’s growth to remain above four per cent, while inflation has dropped significantly between 2024 and 2025.
“The growth is over 4% and projected to continue growing strongly by the World Bank, not us — the highest in over a decade. Inflation has halved between 2024 and 2025,” she said.
Oduwole described the debut of the Nigeria House at Davos as a strategic platform to tell Nigeria’s reform story and showcase its investment opportunities and trade priorities to global investors and policymakers.
She said trade systems are also being modernised, particularly at the ports, with reforms such as the single window project expected to go live by the end of the quarter.
“When you talk about investors coming in, the decisions they are taking are based on the fact that they can do business with Nigerians,” she said.
On Nigeria’s trade ties with the United States, Oduwole said the relationship remains strong, noting that a commercial investment partnership was launched in June last year.
“The United States remains our strong strategic partner. U.S. businesses work very closely with Nigerian businesses. Businesses just want to do business,” she said.
The minister added that Nigeria is pursuing long-term reforms, expanding infrastructure, boosting exports and deepening trade access, while playing a leadership role in the African Continental Free Trade Area (AfCFTA).
She also disclosed that new air cargo corridors with 13 African countries have reduced freight costs for Nigerian exporters by about 50 per cent.
