Nigeria’s economy is shifting focus from stabilisation to attracting long-term capital inflows following nearly three years of sweeping reforms that have pushed foreign reserves above $50 billion and cut inflation by more than half.

This was the message at the Africa Capital Forum held in London, where global investors, policymakers and development finance institutions assessed the country’s reform trajectory and investment outlook.

A statement by the Central Bank of Nigeria (CBN), yesterday, at the Africa Capital Forum themed ‘From Stabilisation to Capital Mobilisation,’ was jointly hosted by the CBN and the United Kingdom’s Foreign, Commonwealth and Development Office (FCDO), drawing participation from across banking, fintech and global capital markets.

Participants, the CBN said, agreed that Nigeria’s recent macroeconomic and structural reforms have improved transparency, stabilised key indicators and restored investor confidence.

However, they observed that the next phase must focus on translating the renewed interest into sustainable, long-term investments.

British Deputy High Commissioner to Nigeria, Jonny Baxter, said the United Kingdom remained a key partner to Nigeria, particularly in banking and capital markets, noting that investor sentiment had improved significantly.

“The next phase of the reforms should be converting renewed investor interest into long-term sustainable investments,” he was quoted.

He added that the UK would continue to support Nigeria’s economic transformation.

President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, also pointed to Nigeria’s strong growth fundamentals, including its large population, technological adoption and improving economic stability.

Head of West and Central Africa at UK Export Finance (UKEF), Steve Grey, emphasised that transparency remains central to sustaining investor confidence, noting that ongoing reforms are beginning to reflect positively on Nigeria’s global perception.

The CBN Deputy Governor (Economic Policy), Muhammad Sani Abdullahi, said the foreign exchange market has stabilised, reserves have strengthened and inflation is on a downward trend, although authorities remain cautious.

The Deputy Governor In charge of Financial System Stability, Philip Ikeazor, added that the reforms have been structured to ensure long-term resilience across the financial system, making them difficult to reverse.

Representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Special Adviser to the President on Finance and the Economy, Sanyade Okoli, stressed that the government alone cannot fund the scale of growth Nigeria requires. (The Guardian)

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