Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the country’s economic future is increasingly being shaped at the subnational level, declaring that “the future of Nigeria’s growth story is being written in Lagos.”
Speaking during the opening ceremony of Invest Lagos 3.0, he highlighted Lagos State’s role in driving investment, job creation and economic transformation through public-private partnerships. “The future of Nigeria’s growth story is being written in Legos.”
Oyedele said investment in Nigeria was no longer driven primarily by federal-level engagement but increasingly by states competing for capital and implementing reforms.
“The future of Nigeria’s growth story is being written in Legos.”
He commended Lagos State for setting the pace in investment attraction and digital infrastructure development, noting that subnational governments were now central to economic outcomes. “Lagos continues to set the pace.”
The minister said the investment climate had shifted globally, with capital seeking predictability, competitiveness and profitability in specific projects rather than abstract national narratives. “Investors do not invest in abstract countries.”
He added that Nigeria’s reform agenda under President Bola Tinubu had strengthened macroeconomic stability through exchange rate unification and improved foreign reserves.
“On the monetary side, we unify the exchange rates, transition to a transparent market-determined foreign exchange market.”
Oyedele said Nigeria’s reserves had risen significantly in recent years, describing the improvement as evidence of economic resilience. “Moving from a net of under 4 billion dollars just 2-3 years ago in 2023, to over 30 billion dollars net, and nearly 50 billion US dollars gross today.”
He also cited recent economic performance indicators, including GDP growth and credit rating upgrades, as signs of renewed investor confidence. “Despite global economic and geopolitical headwinds, Nigeria recorded a GDP growth rate of 3.89% in the first quarter of 2026.”
The minister said Nigeria was now among the top global contributors to economic growth, attracting increased attention from international capital markets. “The global capital markets are taking notice.”
On fiscal reforms, Oyedele said government policy was shifting towards simplifying taxation and improving compliance rather than increasing tax burdens.
“Let me emphasise that our goal is not to tax more.”
He said reforms were also designed to empower states by increasing their access to revenue and reducing multiple taxation.
“The new framework assigns a greater share of VAT revenue directly to states.”
Oyedele announced plans for a Nigeria Deal Room aimed at connecting investors directly with bankable projects and reducing regulatory bottlenecks. “To bridge this gap, the Federal Ministry of Finance is establishing a Nigeria Deal Room.”
He urged investors to take advantage of Nigeria’s demographic and economic potential, describing the country as a key entry point into African markets. “Nigeria remains one of the most compelling long-term investment destinations globally.”
Oyedele concluded by reaffirming the federal government’s commitment to supporting private capital and ensuring a stable policy environment for investment. “The federal government stands fundamentally committed to crowding in private capital, not crowding it out.”
Erizia Rubyjeana
Follow us on:
