Nigeria’s economy is showing strong signs of recovery, with growth now exceeding four per cent, inflation significantly reduced, and renewed interest from both domestic and foreign investors, the Minister of Trade and Investment, Dr Jumoke Oduwole, has said.
Oduwole made the remarks in an interview with CNN’s Richard Quest on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, where Nigeria House made its debut on the Promenade.
She said recent data indicates Nigeria is recording its strongest economic performance in more than a decade. “The growth is over 4% and projected to continue growing strongly by the World Bank, not us. Highest in over a decade. Inflation has been halved between 2024 and 2025,” the minister stated.
According to her, beyond the headline figures, confidence is gradually returning to the economy, with local businesses reinvesting across key sectors while international investors are committing fresh capital to major projects.
“What I would like to showcase is that the investors, Nigerian businesses, the domestic investors, are reinvesting into the economy across key sectors. And you also have international capital rushing in for our key projects,” Oduwole said.
She described the launch of Nigeria House at Davos as a strategic platform to present the country’s reform agenda, investment opportunities and trade priorities to global investors and policymakers.
Oduwole noted that the ongoing reforms are deliberate and long term, acknowledging that progress takes time. “I can say that it’s slow work… it’s a sustained intervention indeed,” she said, adding that Nigeria is modernising its trade systems, including port operations. She disclosed that a single-window trade project is expected to go live before the end of the current quarter.
The minister said investor confidence is being driven by improvements in Nigeria’s business environment. “When you talk about investors coming in, the decisions that they’re taking are based on the fact that they can do business with the Nigerians,” she explained.
She also highlighted Nigeria’s strong trade ties with the United States, noting that the relationship remains firm despite shifts in global tariff policies under President Donald Trump. “The United States remains our strong strategic partner. We launched a commercial investment partnership in June last year. U.S. businesses work very closely with Nigerian businesses,” she said.
On the evolving global economic landscape, Oduwole said countries must act strategically to avoid negative outcomes. “What we’re witnessing is a renewed global order. Every country has to look at what is best for them,” she said.
She further pointed to Nigeria’s expanding global partnerships, including agreements with the United Arab Emirates, and growing engagement with Brazil and the United Kingdom, stressing that the country remains focused on its priorities.
“Our focus is clear: infrastructure development, export growth and trade access. We need investments for our infrastructure and access for our non-oil exports,” she stated.
On regional trade, Oduwole said Nigeria is taking a leadership role under the African Continental Free Trade Area (AfCFTA), adding that major economies must drive the agreement for it to succeed.
She revealed that Nigeria has also improved export logistics across the continent by opening new air cargo corridors. “We’ve opened the air cargo corridor with 13 African countries, which has halved the cost of freight for exporters from Nigeria,” she said.
Her comments come as the World Bank projects Nigeria’s economy to grow to 4.4 per cent in 2026, reinforcing government efforts to stabilise the economy, attract investment and position the country as a major trade and investment hub in Africa and globally.
