Edun woos South African investors, showcases Nigeria’s reform gains at G20 meeting

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on South African corporates and fund managers to scale up their investments in Nigeria, insisting that sweeping reforms under President Bola Tinubu are already stabilising markets and strengthening investor confidence.

Speaking at the G20 Investment Breakfast Dialogue in Johannesburg, Edun told top executives—including leaders of MTN Group—development partners and senior government officials that Africa must quicken the pace of economic reforms to survive an increasingly volatile global environment.

He warned that many developing economies were confronting shrinking capital inflows, elevated interest rates and mounting debt pressures.

According to the African Development Bank, the continent will spend an estimated $163 billion on debt servicing in 2024—far outpacing the less than $100 billion it receives in foreign direct investment.

“This trend leaves fewer resources for development at a time when technology is reshaping labour markets and climate impacts are worsening,” Edun said, stressing the need for bolder reforms and stronger domestic resource mobilisation.

He highlighted Nigeria as a case study of decisive reform implementation. Since May 2023, the Tinubu administration has removed fuel subsidies, floated the naira, overhauled tax administration and rolled out structural changes across the power, energy, logistics and industrial sectors—aiming to build a competitive, private-sector-driven economy.

Edun said the early results were encouraging. Nigeria’s GDP expanded by 4.23% in Q2 2025, up from 3.1% the previous year, the fastest pace in four years.

Inflation has eased for seven consecutive months to 16.05% in October, while foreign reserves have climbed to $46.3 billion.

Growth, he noted, is now being fuelled by telecoms, trade, construction, rail development, electricity improvements and increased local refining.

“These indicators are sending a clear signal: Nigeria is more stable, more predictable and more investable than it has been in years,” he told investors.

To cushion vulnerable households from reform shocks, he added, the government has expanded direct cash transfers to 15 million families, with 9 million already receiving support.

Edun also underscored the strategic importance of Nigeria–South Africa economic ties, describing both economies as anchors of continental growth. MTN Group CEO Ralph Mupita praised Nigeria as “a true African success story,” while Nigerian Investment Promotion Commission head Aisha Rimi said ongoing reforms were laying the foundation for stronger investment flows.

The minister concluded that Nigeria is positioning itself for medium-term GDP growth of at least 7%, powered by sustained private-sector investment and a more resilient macroeconomic framework.