Global investors and development financiers have praised reforms in Nigeria’s financial sector, describing them as credible and confidence-boosting.
They made the comments at the Africa Capital Forum held at The Peninsula London on the sidelines of President Bola Tinubu’s state visit to the United Kingdom (UK).
Speaking at the high-level forum, the British Deputy High Commissioner to Nigeria, Mr Jonny Baxter, said the UK remained one of Nigeria’s partners with links in banking and capital markets.
“The next phase of the reforms should be converting renewed investor interest into long-term sustainable investments,” Baxter said.
He added that the UK will support economic transformation to enhance the economic relationship between the two countries.
The President of the European Bank for Reconstruction and Development (EBRD), Madame Odile Renaud-Basso, highlighted Nigeria’s potential.
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“We see all the potential in the economic stabilisation in Nigeria, the growth of the population, the appetite, the investment of new technologies, and the ability of the people to embrace the new technologies,” Renaud-Basso said.
The Head of West and Central Africa at UKEF, Steve Gray, said, “Confidence is built through full fiscal transparency. But the reforms in Nigeria are providing transparency and building confidence.
“I want to see more reflection of the reality of Nigeria’s strengths so that more can be done to support Nigeria’s priorities.”
Also speaking, the Managing Director (Policy Strategy and Delivery) of EBRD, Melis Ekmen Tabojer, noted, “The recent reforms that Nigeria has had have had a huge impact in attracting investors and how policies are made.”
Representing the Minister of Finance, Mrs Sanyade Okoli, Special Adviser to the President on Finance and the Economy, said, “We need to work with partners who will bring the sticky equity capital,” stressing that the government alone cannot fund growth.
Central Bank of Nigeria (CBN) officials also highlighted the stability achieved under recent reforms.
CBN Deputy Governor (Economic Policy), Dr Muhammad Sani Abdullahi, noted that net and gross reserves are high, foreign reserves exceed $50 billion, the foreign exchange market has stabilised, and inflation is falling, but cautioned, “we are cautious.”
Also, the Deputy Governor (Financial System Stability), Mr Philip Ikeazor, added that the reforms cut across stakeholders, ensuring continuity beyond the current administration.
Bank leaders from First Bank, UBA, GTCO, FCMB, Access Bank, and Zenith Bank praised the reforms for increasing confidence in the economy and enabling banks to fund more local projects.
Over the past two years, Nigeria has implemented significant monetary and structural reforms, sharply reducing inflation from 34 per cent to 15 per cent, easing exchange rate volatility, and strengthening banking recapitalisation, positioning the country for long-term capital mobilisation and diaspora investment.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
