Nigeria’s Economy Showing Strong Improvement — Trade Minister
Nigeria’s economy is showing strong signs of recovery, with declining inflation, rising investor confidence, and sustained growth above four per cent, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, has said.
Speaking in an interview with CNN on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, Oduwole said ongoing economic reforms, infrastructure improvements, and stronger global partnerships are reshaping Nigeria’s economic outlook and attracting fresh local and foreign investments.
According to her, recent data from the World Bank indicates that Nigeria’s economy is growing at its strongest pace in more than a decade, with inflation reportedly halved between 2024 and 2025.
“The growth is over four per cent and projected to continue strongly by the World Bank, the highest in over a decade. Inflation has been halved between 2024 and 2025,” the minister said.
Oduwole attributed the progress to reforms aimed at improving the ease of doing business, particularly in trade facilitation and port operations. She disclosed that Nigeria’s long-awaited single-window trade platform is expected to go live before the end of the current quarter, a move she said would significantly streamline import and export processes.
“When investors are making decisions, they are looking at how easily they can do business. The reforms we are implementing are making Nigeria a more efficient and attractive destination,” she explained.
The minister also highlighted Nigeria’s deepening trade relationship with the United States, describing the country as a key strategic partner. She recalled the launch of a commercial investment partnership between both countries in June last year, noting that U.S. and Nigerian businesses are increasingly working together.
“The United States remains a strong strategic partner. Businesses want certainty, access, and efficiency, and that is what we are focused on delivering,” she said.
Beyond bilateral partnerships, Oduwole said Nigeria is pursuing long-term structural reforms, expanding infrastructure, boosting exports, and improving trade access across Africa. She noted that Nigeria is taking a leadership role under the African Continental Free Trade Area (AfCFTA), positioning itself as a major hub for intra-African trade.
As part of efforts to support exporters, the minister revealed that Nigeria has opened air cargo corridors with 13 African countries, a development that has cut freight costs for exporters by nearly half.
Oduwole also described the debut of the “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.
She said the initiative underscores Nigeria’s commitment to re-engaging the global economy and projecting a renewed image as a competitive and reform-driven investment destination.