Nigeria seeks long-term capital as reforms win global trust
The federal government said it cannot fund Nigeria’s economic growth alone, calling for stronger partnerships with investors willing to commit long-term capital to support development. This position was made known
The federal government said it cannot fund Nigeria’s economic growth alone, calling for stronger partnerships with investors willing to commit long-term capital to support development.
This position was made known by Mrs. Sanyade Okoli, Special Adviser to the President on Finance and the Economy, who represented the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the Africa Capital Forum held in London.
The forum, themed “From Stabilisation to Capital Mobilisation,” was jointly organised by the Central Bank of Nigeria and the UK Foreign, Commonwealth and Development Office, on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom.
Speaking at the event, Okoli said while the government is focused on achieving sustainable and quality economic growth, it needs support from private investors to make this possible.
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“We need to work with partners who will bring the sticky, equity capital,” she said, stressing the importance of long-term investments that can support key sectors of the economy.
Also speaking at the forum, the Deputy Governor of the Central Bank in charge of Economic Policy, Muhammad Sani Abdullahi, said Nigeria’s economy has achieved a notable level of stability as a result of ongoing reforms.
He said the country’s financial position has improved, with strong net and gross reserves and foreign reserves now above 50 billion dollars. According to him, the foreign exchange market has become more stable and inflation is on a downward trend, although the apex bank remains cautious in its approach. “We have achieved stability, but we are cautious,” he said.
On his part, the Deputy Governor in charge of Financial System Stability, Philip Ikeazor, said the reforms introduced in the financial system are designed to last beyond the current administration.
He explained that the policies involve multiple stakeholders, making it less likely that future governments would reverse them. According to him, this continuity is important for maintaining investor confidence and long-term growth.
Participants at the forum, including investors, development financiers and fintech innovators, commended Nigeria’s financial sector reforms, describing them as credible and encouraging for investment.
In a statement issued by the CBN on Wednesday, the British Deputy High Commissioner to Nigeria, Jonny Baxter, said the United Kingdom remains a strong partner to Nigeria, especially in banking and capital markets.
“The next phase of the reforms should be converting renewed investor interest into long-term sustainable investments,” he said, adding that the UK would continue to support Nigeria’s economic transformation.
The President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, also spoke positively about Nigeria’s economic outlook. “We see all the potential in the economic stabilisation in Nigeria, the growth of the population, the appetite, the investment of new technologies, and the ability of the people to embrace new technologies,” she said.
Similarly, Steve Gray of UK Export Finance said transparency is key to building trust among investors. “Confidence is built through full fiscal transparency. But the reforms in Nigeria are providing transparency and building confidence. I want to see more reflection of the reality of Nigeria's strengths so that more can be done to support Nigeria’s priorities,” he said.
Also, Melis Ekmen Tabojer of the EBRD said the reforms have already started attracting investors and improving how policies are designed. “The recent reforms that Nigeria has had have had a huge impact in attracting investors and how policies are made,” she said.
Top banking executives in Nigeria also supported the reforms, including Segun Alebiosu, Oliver Alawuba, Miriam Olusanya, Yemisi Edun, Roosevelt Ogbonna, and Akin Oguranti. They said the reforms have improved confidence in the banking system and increased the ability of banks to support more projects within Nigeria.
Over the past two years, Nigeria has carried out major economic reforms aimed at stabilising the economy. Under the leadership of Olayemi Cardoso, inflation has dropped from 34 per cent to 15 per cent, exchange rate volatility has reduced, and foreign reserves have risen to over 50 billion dollars.
The recapitalisation of banks and the unification of the foreign exchange market have also improved trust in government policies and strengthened the financial system.
Participants at the forum reviewed the impact of these reforms and pointed to new opportunities for attracting long-term investments, including funds from Nigerians living abroad.
With its focus on economic stability, financial system strength and global capital mobilisation, the Africa Capital Forum aims to strengthen connections between Nigeria, London and the global financial community, while opening new paths for investment and sustained economic growth.
