The ongoing reforms in tax policy and others in the petroleum and finance sectors are to create the environment to attract fresh investments to the country’s economy, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.
Edun spoke in Abuja at the formal presentation of the certificate to mark Nigeria’s admission as the 77th member of the European Bank for Reconstruction and Development (EBRD).
A delegation from the EBRD, led by Heike Harmgart, presented Nigeria’s membership certificate to Edun in his office.
Welcoming Nigeria’s membership of the global development bank, Edun highlighted the benefits of the reforms initiated in various sectors of the economy by the present administration.
He said these macroeconomic reforms, including fuel subsidy removal, fiscal deficit reduction, exchange rate stability, and tax reforms were to attract investments into the economy.
The Minister said Nigeria has the potential as a regional production hub to grow at about 7 percent annually.
He said the new partnership with the EBRD would help Nigeria to unlock its vast economic potential, drive sustainable growth, and cement its position as a key player in the global economy.
Following the presentation of the certificate, the EBRD team held discussions with the Nigerian counterparts on future collaboration efforts to grow the economy.
In its investment assessment to explore potential areas of support, the Head of the EBRD delegation, Heike Harmgart, said the global body would support Nigeria in areas to help stabilise the economy.
She used the occasion to introduce Hamza Al-Assad as the first Country Director, based in Lagos as part of its commitment to Nigeria.
The visit, she said, marks a deepening partnership, paving the way for increased private sector and infrastructure investments in Nigeria.
With the presentation of the membership certificate, Nigeria officially joins the EBRD, marking a significant milestone in the country’s efforts to strengthen its economy and attract foreign investment.
The EBRD, an international financial institution established in 1991, supports economic development, private sector growth, and infrastructure investments in emerging markets. Financing projects in energy, financial institutions, SMEs, and infrastructure.
