Nigeria has secured a landmark $8 billion in new investments for its energy sector, a significant boost that its top officials say signals growing international confidence in the country’s economic reforms.
The announcement was made by the Ministry of Finance in a statement released Saturday, detailing the outcomes of the Nigerian delegation’s engagements at the ongoing International Monetary Fund and World Bank Spring Meetings in Washington D.C.
Leading the delegation, Central Bank of Nigeria Gov. Olayemi Cardoso stated that the country’s economic fundamentals are strengthening due to disciplined fiscal management and structural reforms implemented under President Bola Tinubu’s administration.
“We are moving in the right direction toward macroeconomic stability, fiscal discipline, and inclusive growth,” Cardoso said.
He detailed that the government’s efforts have begun to yield measurable outcomes, including a recent decline in inflation, a stabilization of the foreign exchange rate and a significant increase in the nation’s foreign reserves, which now exceed $43 billion.
Cardoso added that this documented economic progress has garnered international recognition and renewed investor confidence, with the energy sector leading the inflows of new capital.
The IMF/World Bank Annual Meetings, which bring together global financial leaders, provided Nigeria with a platform to showcase its economic resilience and reform milestones to the international community.
Minister of State for Finance, Dr. Doris Uzoka-Anite, commended Cardoso’s leadership and the teamwork exhibited by the Nigerian delegation throughout the meetings.
“The outcomes we have achieved this week are a direct result of our strong collaboration,” Uzoka-Anite said. “We return home with renewed vigor and vitality, with renewed hope and determination to deliver on our national priorities.”
The minister also highlighted that Nigeria’s assumption of the chairmanship of the Intergovernmental Group of Twenty-Four (G-24) on International Monetary Affairs and Development marks a significant milestone in the country’s growing influence in global economic governance.
The high-level delegation included key figures such as Sen. Muhammad Sani, chairman of the Senate Committee on Finance; Hon. Saidu Musa Abdullahi, deputy chairman of the House of Representatives Committee on Finance; and the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya. They participated in discussions with global policymakers on systemic reforms to drive growth.
With this renewed international vote of confidence and strengthened domestic policy coordination, Nigerian officials express confidence that the country is set to sustain its trajectory toward stability and shared prosperity.
