Minister highlights economic stability, investment opportunities and the next phase of Nigeria’s growth agenda

Nigeria’s economic reform programme is beginning to provide measurable signs of greater stability, but the next challenge is to translate those gains into faster growth, increased investment and improved living standards for citizens, the Honourable Minister of Finance has told an international audience at Chatham House in London.

Addressing investors, diplomats, business leaders and other stakeholders on Wednesday, 21 October 2026, the minister defended the government’s economic policy direction, arguing that difficult decisions taken to reform the economy are creating a foundation for sustainable growth and stronger private-sector participation.

Among those attending the engagement were the Somali Ambassador to the United Kingdom, Nigeria’s High Commissioner to the UK, Amb. Amin Dalhatu, Hon. Tim Omordi, Tunde Doherty, Mentoring Cmdt Alistair, leading investment bankers and other members of the diplomatic, financial and business communities.

The minister identified the removal of petrol subsidies, the unification of foreign exchange rates and a comprehensive overhaul of Nigeria’s tax system as central elements of the reform programme. He acknowledged the hardship associated with these measures, while maintaining that the alternative of continuing with an unsustainable economic structure would have carried even greater long-term risks.

“Stability is no longer a promise. It is evidence, and it is in the data,” he said, pointing to improvements in selected economic indicators, including inflation and foreign exchange reserves.

The minister cited headline inflation of 14.63 per cent in September 2026 and foreign exchange reserves of approximately $55 billion as evidence of progress. He also referred to economic growth projections and the importance of maintaining a stable policy environment to strengthen investor confidence. These figures and projections form part of the government’s case that Nigeria is moving towards greater macroeconomic stability.

From stability to sustainable growth.
Emphasising that stabilisation alone would not be sufficient, the minister declared: “Stability is the foundation, not the destination.”

He outlined the next phase of the government’s economic agenda, which includes mobilising private capital for infrastructure, strengthening domestic production, supporting agricultural productivity and expanding investment in sectors capable of generating employment and improving national competitiveness.

He highlighted the role of domestic savings, pension funds and innovative financing arrangements in funding infrastructure without placing additional pressure on government borrowing. He also referenced a £746 million facility backed by UK Export Finance to modernise port infrastructure, presenting it as an example of how international financial partnerships can support Nigeria’s development objectives.

The minister further stressed the importance of regional trade, particularly opportunities arising from the African Continental Free Trade Area, arguing that Nigeria must do more than participate in the agreement: it must position its businesses to compete successfully across the continent.

Recognising the pressures on households.
The address also acknowledged that improving headline economic indicators does not automatically mean households are already experiencing relief.

Food prices, agricultural losses, inadequate storage, transportation costs and insecurity remain important challenges. The minister outlined measures intended to improve irrigation, year-round farming, storage, rural infrastructure and access to finance for small businesses and farmers.

He also pointed to government social-support initiatives aimed at vulnerable households, arguing that economic reform must ultimately be judged by its impact on ordinary Nigerians.

The government’s position was that maintaining the reform programme, while strengthening targeted support and productive investment, offers a more sustainable route forward than returning to policies that conceal underlying economic costs.

A message to international investors!
Looking ahead to Nigeria’s 2027 elections, the minister expressed confidence that the central reforms could endure beyond the political cycle. He argued that embedding reforms in laws, institutions and transparent fiscal processes would help preserve policy credibility and reduce uncertainty for investors.

His appeal to the international business community was direct:

“Nigeria is not asking for aid. We are not selling promises either. We are showing results, and we are asking for partnership.”

He called for investment guarantees, private capital, technical partnerships and cooperation to tackle illicit financial flows that deprive African economies of resources needed for development.

Concluding his address, the minister underscored the importance of credible and consistent economic policy in attracting long-term investment.

“Capital has no citizenship. It does not care about speeches or slogans. It goes where policies are credible, consistent and transparent, and where it is treated fairly.”

His message at Chatham House was that Nigeria’s reform agenda must now move decisively from stabilising the economy to delivering broader prosperity. For international investors, the government is seeking to position the country not simply as a market with challenges, but as a potential partner for long-term investment, production, infrastructure and growth.

The next test, however, will be whether the improvements cited by the government translate into more affordable living costs, stronger employment opportunities and tangible benefits for households across Nigeria.