Nigeria’s Economy Shows Strong Recovery, Says Oduwole at World Economic Forum

Nigeria’s economy is showing clear signs of recovery, driven by strategic reforms and increased investor confidence, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, told CNN at the World Economic Forum (WEF) in Davos, Switzerland. The minister highlighted that economic growth has surpassed four percent, inflation is falling, and both local and foreign investors are taking renewed interest in the country.

Oduwole attributed this turnaround to a combination of economic reforms, investment initiatives, and global partnerships that are reshaping Nigeria’s economic landscape. “The growth is over 4% and projected to continue growing strongly by the World Bank, highest in over a decade. Inflation has been halved between 2024 and 2025,” she said, pointing to official projections that indicate sustained economic momentum.

At the Davos forum, Nigeria showcased its reform agenda through the debut of the ‘Nigeria House,’ a platform designed to attract investors and highlight trade opportunities. Oduwole explained that modernization efforts in trade systems, including the launch of a single-window port project later this quarter, are making it easier for investors to do business with Nigerians.

The minister also emphasized the country’s strong trade relationship with the United States, calling it a “strategic partnership.” Launched in June last year, the commercial investment partnership has strengthened business collaboration between U.S. and Nigerian firms, reinforcing confidence in Nigeria as a viable investment destination.

Looking ahead, Nigeria is focusing on long-term reforms to improve infrastructure, expand exports, and enhance trade access across Africa. Under the African Continental Free Trade Area, air cargo corridors with 13 countries have opened, halving freight costs for exporters and signaling Nigeria’s growing role as a regional trade leader.

source: vanguard