World Economic Forum: Nigeria’s Economy Showing Strong Recovery — Trade Minister Oduwole

The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said that Nigeria’s economy is showing strong signs of recovery with inflation falling, renewed interest from local and foreign investors, and growth above four per cent.

The World Bank had projected that continued growth above four per cent, while inflation was halved between 2024 and 2025.

While speaking during an interview with CNN at the World Economic Forum (WEF) in Davos, Switzerland, the minister noted that the country’s economic reforms, investment drive, and global partnerships are reshaping Nigeria’s outlook and attracting fresh capital.

She said, “The growth is over 4% and projected to continue growing strongly by the World Bank, highest in over a decade. Inflation has halved between 2024 and 2025.”

She also said trade systems are being modernised, including port operations.

“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,” Oduwole explained.

Highlighting Nigeria’s trade relationship with the United States, she said, “The 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.”

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The minister said Nigeria is pursuing long-term reforms, improving infrastructure, export growth, and trade access, and taking a leadership role under the African Continental Free Trade Area.

She also noted the opening of air cargo corridors with 13 African countries, halving freight costs for exporters.

Oduwole described the ‘Nigeria House’ debut in Davos WEF as a platform to showcase the country’s reform story, investment opportunities, and trade priorities to global investors and policymakers.