The Federal Government of Nigeria has declared that it cannot single-handedly finance the country’s economic growth, calling for stronger collaboration with long-term investors to drive development.
This position was articulated by Sanyade Okoli, Special Adviser to the President on Finance and the Economy, who represented the Minister of Finance, Wale Edun, at the Africa Capital Forum held in London.
Speaking at the forum themed “From Stabilisation to Capital Mobilisation,” Okoli emphasised that while the government is committed to achieving sustainable growth, private sector participation remains critical.
“We need partners who can bring long-term, patient capital to support key sectors of the economy,” she said.
The forum, jointly organised by the Central Bank of Nigeria and the UK Foreign Commonwealth and Development Office, was held on the sidelines of President Bola Ahmed Tinubu’s state visit to the United Kingdom.
Also speaking, Deputy Governor of the Central Bank in charge of Economic Policy, Muhammad Sani Abdullahi, said Nigeria has achieved a level of macroeconomic stability due to ongoing reforms.
He noted improvements in foreign reserves, now exceeding $50 billion, alongside reduced exchange rate volatility and a downward trend in inflation. “We have achieved stability, but we are cautious,” he said.
On financial system reforms, CBN Deputy Governor Philip Ikeazor stated that the policies introduced are designed for long-term sustainability and are unlikely to be reversed due to broad stakeholder involvement.
International partners also expressed confidence in Nigeria’s economic trajectory. The British Deputy High Commissioner to Nigeria, Jonny Baxter, described the United Kingdom as a committed partner, particularly in banking and capital markets.
Similarly, Odile Renaud-Basso of the European Bank for Reconstruction and Development highlighted Nigeria’s growth potential, citing its population, technology adoption, and entrepreneurial energy.
Officials from UK Export Finance and the EBRD also commended ongoing reforms, noting that improved transparency and policy consistency are boosting investor confidence.
Top Nigerian banking executives, including Segun Alebiosu, Oliver Alawuba, Miriam Olusanya, Yemisi Edun, Roosevelt Ogbonna, and Akin Oguranti, also backed the reforms, saying they have strengthened the banking sector’s capacity to support large-scale projects.
Under the leadership of Olayemi Cardoso, Nigeria has implemented key reforms, including foreign exchange unification and bank recapitalisation, leading to improved investor confidence, reduced inflation, and stronger reserves.
Participants at the forum agreed that the next phase of reforms should focus on converting growing investor interest into sustained, long-term investments, including capital from the Nigerian diaspora.
The Africa Capital Forum is expected to deepen financial ties between Nigeria, London, and the global investment community, opening new pathways for sustained economic growth.