Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged South African corporates and fund managers to increase their stake in Africa’s largest economy, saying the Tinubu administration’s sweeping reforms are already restoring market stability and boosting investor confidence.
Speaking at the G20 Investment Breakfast Dialogue in Johannesburg, Edun addressed top executives—including MTN Group leaders—alongside development partners and government officials.
He stressed that African economies must accelerate reforms to withstand a global environment marked by volatile capital flows, rising interest rates and growing debt burdens.
He cited African Development Bank projections showing that the continent will spend about $163 billion on debt servicing in 2024—far exceeding the less than $100 billion it attracts in foreign direct investment.
The squeeze, he said, is reducing resources available for development at a time when technology disruptions and climate impacts are intensifying.
Edun pointed to Nigeria as an example of bold reform execution.
Since May 2023, the government has scrapped fuel subsidies, floated the naira, reformed tax administration and implemented structural changes in the power, energy, logistics and industrial sectors in pursuit of a competitive, private sector–led economy.
He said the early outcomes are promising. Nigeria’s GDP grew by 4.23% in Q2 2025—up from 3.1% a year earlier and the fastest in four years.
Inflation has fallen for seven straight months to 16.05% in October, while foreign reserves have risen to $46.3 billion.
Growth drivers now include telecoms, trade, construction, rail expansion, power improvements and increased local refining.
“These indicators are sending a clear signal: Nigeria is more stable, more predictable and more investable than it has been in years,” Edun told investors.
To mitigate the social impact of reforms, he noted that the government has expanded direct cash transfers to 15 million vulnerable households, with 9 million already receiving support.
Edun also emphasised the importance of strengthening Nigeria–South Africa economic ties, describing both as anchor economies for Africa’s growth.
MTN Group CEO Ralph Mupita commended Nigeria as “a true African success story,” while Nigerian Investment Promotion Commission chief Aisha Rimi said current reforms are creating a stronger foundation for investment inflows.
The minister said Nigeria is targeting medium-term GDP growth of at least 7%, driven by sustained private-sector investment and a more resilient macroeconomic environment.
