In 2024, Nigeria witnessed significant economic progress under Finance Minister Wale Edun, who facilitated $9.09 billion in budget financing and naira stabilization inflows. Key measures included issuing domestic dollar bonds and enacting executive orders to attract foreign exchange into the banking system. Despite fluctuating rates across markets, they maintained resilience as foreign reserves grew by 24.2% to $40.88 billion by year-end. Major contributors included a $2.25 billion World Bank loan and a $900 million domestic bond issue that surpassed its target, supported by reforms aimed at economic stabilization.
December marked a milestone as Nigeria returned to the global bond market, raising $2.2 billion through oversubscribed dual-tranche Eurobonds. This was complemented by strategic foreign investments such as JBS’s $2.5 billion agreement for six factories and SALIC’s $1.24 billion stake in Olam Agri, boosting Nigeria’s agriculture and livestock sectors. These developments underscored the government’s focus on diversifying the economy and reducing dependence on oil revenues.
The year also saw expanded international partnerships. For instance, Olam Agri’s collaboration with SALIC aimed to bolster agricultural exports while leveraging Middle Eastern markets. With over $10 billion mobilized, Edun’s strategic initiatives have positioned Nigeria to enhance foreign exchange liquidity, stabilize its currency, and attract long-term investments.
