Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has assured investors that Nigeria is safe for investment.
Edun said this at the Nigeria Investment Forum at the ongoing World Bank/International Monetary Fund (IMF) meetings in Washington D.C. on Wednesday.
According to the minister, efforts are geared towards maintaining fiscal congruence.
That’s one of the reasons for the new team at the Nigerian National Petroleum Company Limited (NNPCL), and their mandate is to increase production and save costs,” he said.
Edun said that the administration was intensifying efforts to diversify and stabilise the economy.
He said that optimisation of assets was another route to closing the gap in the budget.
“We need to ensure that we maintain fiscal congruence; the mandate of NNPCL is to increase production and save costs. We are also diversifying the economy.
“We are committed to stabilising the economy so that the private sector will find it attractive to invest.
“Optimisation of assets is another route to closing the gap in the budget; the government believes in the sanctity of contracts,” Edun said.
He said that the administration of President Bola Tinubu had implemented foundational reforms that were now yielding results, with the country’s economy expanding.
“Our goal is not just to maintain this momentum but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” Edun said.
The minister said that the macroeconomic stability was gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilising exchange rate.
Edun said the government was now shifting its focus to targeted sectoral growth.
According to him, the government’s top list is agriculture as the entire value chain, with the goals of boosting food security and enhancing productivity.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale up and innovate,” he said.
According to the minister, about 90,000 km of fibre optic cable to enhance digital connectivity has been rolled out to empower Nigeria’s youth and tech entrepreneurs.
Edun said that an additional 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery.
The Central Bank of Nigeria (CBN) Governor, Yemi Cardoso, said that the difficult reforms put in place have begun to yield fruit, and the country has been able to stabilise the macroeconomy.
He said that the country was not relenting on its course in spite of its period of crisis in the past 18 months.
Cardoso said that the efforts were all geared towards building confidence and trust.
“The difficult reforms undertaken have begun to bear fruit. We have been able to stabilise the microeconomy. Fitch has upgraded us more recently; no doubt, we are in a period of heightened uncertainty.
“We have, for the past 18 months, been in a period of crisis, and our response to that period is to roll up our sleeves and ensure we build a stronger economy with respect to resilience and capacity for people and institutions.
“This is all about building confidence and trust and moving in a direction of more confidence and hope; if we continue in this direction, we will achieve our set goals,” he said.

The Nigeria Data Protection Commission (NDPC) has projected N13.8 billion revenue from data protection ecosystem in 2025 as against N12 billion generated in 2024.
Dr Vincent Olatunji, National Commissioner, NDPC said this yesterday during an interview with The Tide’s source in Abuja.
He said the figure represents approximately 15 per cent increase in the amount generated the previous year.
He said data protection receipts would play a major role as Nigeria seeks to bolster its digital economy.
“The projection will have to do with number of Data Protection Compliance Organisations (DPCOs) registered. These are businesses we have been able to open up by licensing professionals, skilled personnel to set up their businesses.
“They go to data controllers and processors and help them understand privacy and take them through compliance to the law.
“The average data processor, controller will employ about five to ten people depending on the number of their clients.
“Some of them collect as high as N10 million to N20 million for audit filing for multinational companies.
“When you bring all these together and what they earn, the entire staff, that is how we were able to arrive at that figure and they also do a lot of support services that have to go with compliance,’’ he said.
The DPCOs are licensed entities that assist businesses in Nigeria with complying with data protection laws and regulations.
“The figure for this year may not double but we are looking at 15 per cent increase added to the N12 billion of last year.
“We are trying to get to the level where we see compliance as a culture.
“It will generate money for government and give comfort to whoever coming to your facility or coming to do business with you,’’ Olatunji said.
According to him, last year, the commission registered about 256 DPCOs and few months into this year, it added 55 DPCOs.
The National Commissioner said that paucity of funds had limited the commission from achieving some of its mandates.
Olatunji said three years into building the data protection, privacy ecosystem, the ultimate aim far from being achieved and acknowledged that it remained a work in progress.
Olatunji said though Nigeria was already a model to some African countries in data protection efforts he expects the sector to perform better in the next five years.
“We want to build an economy that have the culture of compliance, an ecosystem that is adaptive to revenue generation for government, contribute to our Gross Domestic Product.
“We see a country where an average foreign investor will come in and have trust, confidence in our digital economy.
“We are building an ecosystem that will project Nigerians positively in the commity of nations, drive direct foreign investment, generate revenue, create massive jobs and wealth for our youths,’’ he said.
The Tide’s source recalls that the Nigeria Data Protection Act (NDPA) was signed into law in 2023. The Act establishes the legal framework for the regulation of personal data in Nigeria
It replaces Data Protection Regulations (NDPR) of 2019 and NDPR Implementation Framework (2019) captured under the National Information Technology Development Agency (NITDA) Act.

As Christians across the world celebrate the resurrection of Our Lord Jesus Christ, the Administrator of Opobo/Nkoro Local Government Council of Rivers State, Mr. Frederick Apiafi, has advised Nigerians to love one another.
Mr. Apiafi said the period should be used for sober reflection and demonstration of love, unity and  embracing the message of Easter.
This was contained in his Easter message and made available to media houses yesterday, saying that the resurrection of Jesus Christ has equally given birth to a new season of faith, hope , sacrifice and prosperity.
The administrator  further used the forum to call on all indigenes and those doing business in the Local Government Area to be their brothers’ keeper at all times.
“As we celebrate the crucifixion and Resurrection of our Lord Jesus Christ, let us  soberly reflect and demonstrate love and unity  particularly indigenes of Opobo/Nkoro,” he said.
Mr. Apiafi reiterated that welfare of workers and the good people  of  the  area would be paramount in his administration.