Nigeria’s ongoing economic reforms have attracted over $8 billion in new investments into the energy sector, reflecting growing international confidence in the country’s reform-driven growth agenda.
This was disclosed by the Ministry of Finance in a statement it issued yesterday on the happenings at the ongoing IMF/World Bank meetings in Washington DC.
According to the statement, Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, who led the Nigerian delegation, stated that Nigeria’s economic fundamentals are strengthening as a result of disciplined fiscal management and structural reforms implemented under President Bola Tinubu’s administration.
According to him, the government’s efforts have begun to yield measurable outcomes, including a decline in inflation, stabilization of the exchange rate, and an increase in the nation’s foreign reserves, which now exceed $43 billion.
“We are moving in the right direction toward macroeconomic stability, fiscal discipline, and inclusive growth,” Cardoso said.
He added that the country’s economic progress has garnered international recognition and renewed investor confidence, with the energy sector leading inflows of new capital.
The IMF/World Bank Annual Meetings, which brought together global financial leaders, provided Nigeria with an opportunity to showcase its economic resilience and reform milestones to the international community.
Minister of State for Finance, Dr. Doris Uzoka-Anite, who was part of the Nigerian delegation, commended Cardoso’s leadership and the teamwork exhibited throughout the meetings.
“The outcomes we have achieved this week are a direct result of our strong collaboration,” she said.
Uzoka-Anite further stated that the delegation’s engagements in Washington have reinforced Nigeria’s commitment to delivering on its economic priorities.
“We return home with renewed vigour and vitality, with renewed hope and determination to deliver on our national priorities,” she said.
The Minister noted that Nigeria’s assumption of the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development marks a significant milestone in the country’s growing influence in global economic governance.
The Nigerian delegation included key government officials such as the Senate Committee Chairman on Finance, Senator Muhammad Sani; Deputy Chairman, House of Representatives Committee on Finance, Hon. Saidu Musa Abdullahi; Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya; Special Adviser to the President on Finance and Economy, Mrs. Sayande Okoli; and CBN Deputy Governor, Mohammed Abdullahi.
Others were Directors-General and heads of relevant federal agencies, who participated in high-level discussions with global policymakers and development institutions on systemic reforms to drive inclusive and sustainable growth.
With renewed international confidence and strengthened domestic policy coordination, Nigeria appears set to sustain its trajectory of stability, fiscal discipline, and shared prosperity.
(Thenationonline)
