Nigeria’s economy is showing strong signs of recovery, with growth now above four per cent, inflation significantly reduced, and renewed interest from both local and foreign investors, according to the Minister of Trade and Investment, Dr Jumoke Oduwole.
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.
Oduuwole outlined how Nigeria’s economic reforms, investment drive and global partnerships are reshaping the country’s outlook and attracting fresh capital.
According to her, recent data points to Nigeria’s 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,” she said.
She explained that beyond headline figures, confidence within the economy is improving, with businesses reinvesting across key sectors. “Several economic indicators, but what I would like to showcase is that the investors, Nigerian businesses, the domestic investors, are we reinvesting into the economy across key sectors. And you also have international capital rushing in for our key projects,” Oduwole stated.
The minister described Nigeria House’s debut on the Promenade as a platform to showcase the country’s reform story, investment opportunities and trade priorities to global investors and policymakers gathered at Davos.
Oduwole noted that the reforms underway are long term and deliberate. “I can say that it’s slow work… I know that it’s a sustained intervention indeed,” she said, adding that trade systems are being modernised, including port operations. “We have a single window project that’s going live at the end of this quarter.”
She said investors are responding positively to Nigeria’s improving 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.
Oduwole also highlighted Nigeria’s trade relationship with the United States, noting that it remains strong despite global tariff changes under President Donald Trump. “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. And, you know, businesses just want to do business,” she said.
Addressing concerns about the changing global economic order, she said countries must act with focus and clarity. “What we’re witnessing is a renewed global order. I think every country has to look at what is best for them,” Oduwole said, adding that the risk of a race to the bottom only exists without a clear plan and execution.
She also pointed to Nigeria’s expanding global partnerships, including agreements with the UAE and growing engagement with Brazil and the United Kingdom. “So new friends, old friends. The point is that we need to look at what is important,” she said.
According to her, Nigeria’s core priorities remain infrastructure development, export growth and trade access. “We need investments for our infrastructure. We need access for our non-oil exports. And so we’re focused on what it is that we want to deliver,” she stated.
On regional trade, Oduwole said Nigeria is taking a leadership role under the African Continental Free Trade Area (AfCFTA). “It takes countries like Nigeria. Big economies are taking the agreement seriously and leading the way,” she said.
She revealed that Nigeria has improved export logistics across Africa through new air cargo corridors. “We’ve opened the air cargo corridor with 13 African countries… which halved the cost of freight for exporters from Nigeria,” she noted.
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 reposition Nigeria as a major trade and investment hub in Africa and the global market.
Ademide Adebayo.
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