The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said Nigeria’s economy is showing strong signs of recovery, with growth above four per cent, declining inflation and renewed interest from both local and foreign investors.
Oduwole attributed the positive outlook to ongoing economic reforms, an aggressive investment drive and strengthened global partnerships, which she said are reshaping Nigeria’s economic prospects and attracting fresh capital.
The minister made the remarks in an interview with CNN on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland.
According to her, the World Bank has projected continued economic growth above four per cent, describing it as the highest recorded in over a decade, while inflation has been significantly reduced.
“The growth is over 4% and projected to continue growing strongly by the World Bank, highest in over a decade. Inflation has been halved between 2024 and 2025,” Oduwole said.
She described the debut of Nigeria House at the Davos WEF as a strategic platform to showcase the country’s reform agenda, investment opportunities and trade priorities to global investors and policymakers.
Oduwole also highlighted ongoing efforts to modernise Nigeria’s trade systems, particularly port operations, to improve the ease of doing business.
“We have a single window project that’s going live at the end of this quarter. 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.
Speaking on Nigeria’s trade relations with the United States, the minister said the partnership remains strong, noting that both countries launched a commercial investment partnership in June last year.
“The United States remains our strong strategic partner. U.S. businesses work very closely with Nigerian businesses. And, you know, businesses just want to do business,” she said.
Oduwole added that Nigeria is pursuing long-term structural reforms focused on infrastructure development, export growth and expanded trade access.
She also noted Nigeria’s leadership role under the African Continental Free Trade Area (AfCFTA), as well as the opening of air cargo corridors with 13 African countries, a move she said has halved freight costs for exporters.
