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.
Ministry of Finance disclosed this in a statement on Saturday 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 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, 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.
