The Federal Government has urged Austrian businesses to invest in Nigeria, claiming that some existing investors in the country are earning returns of more than 20 per cent in US dollar terms.
Minister of Budget and Economic Planning, Abubakar Bagudu, made the pitch on Tuesday while addressing the GPF Global Vienna Meeting in Vienna, Austria.
Bagudu spoke virtually on the theme, “Financing Africa’s Future: The Vienna Stock Exchange as a Gateway to European Capital Markets for African Government Projects,” according to a statement issued by his ministry.
The minister said Nigeria’s large consumer market, ongoing economic reforms and growing demand for capital presented significant opportunities for Austrian companies, particularly technology-driven businesses.
He said, “We are confident that Nigeria is a proven market of choice with strong absorptive capacity, with over 200 million people. So, Austrian companies and businesses well-rooted in technology can operate profitably in Nigeria.”
Bagudu also assured prospective investors that businesses already operating in Nigeria were recording strong returns.
“He said prospective investors would not regret doing business in Nigeria, as existing investors in the country were earning over 20 per cent return on investment in US dollars,” the statement quoted him as saying.
According to the minister, reforms introduced by President Bola Tinubu’s administration since 2023 have addressed economic distortions and improved the operating environment for private capital.
He particularly pointed to changes in the foreign exchange market, which he said had improved predictability for investors moving funds into and out of the country.
“The forex market has stabilised, with free entry and exit. Foreign reserves have risen significantly to over $50bn, providing over 11 months of import cover,” Bagudu said.
He added that increased revenues available to the federal, state and local governments had strengthened their capacity to provide public services, while movements in Nigeria’s bond spreads also indicated growing investor confidence.
The minister said attracting foreign capital was critical to the government’s ambition of growing Nigeria’s economy to $1 trillion by 2030.
He identified the Austrian capital market as a potential financing avenue and disclosed that Nigeria’s Ministry of Budget and Economic Planning, the Ministry of Finance and Austrian officials working with the Austrian Stock Exchange had established ESME Limited to mobilise funds for investment in Nigeria.
Bagudu said the special purpose vehicle has representatives of the Ministry of Finance Incorporated and Austrian businessmen on its board.
According to him, ESME Limited is expected to issue bonds through the Vienna capital market to finance investments by Austrian and other international companies in Nigeria.
The proposed financing will cover sectors including green technology, waste-to-energy, textiles, pharmaceuticals, agriculture and water, while also supporting companies seeking to expand their existing Nigerian operations.
Bagudu welcomed the progress made towards the proposed bond issuance, saying it could create an additional channel for European capital to enter Nigeria’s productive sectors.
He also stressed that the economic and commercial similarities between Nigeria and Austria offered room for deeper investment ties.
The minister therefore called on Austrian businesses to leverage Nigeria’s large domestic market and its substantial infrastructure and development needs, insisting that reforms carried out since 2023 had created a more favourable environment for investment.
He said the planned bond issuance on the Austrian capital market would further strengthen economic relations between both countries while helping Nigeria mobilise the private capital required to achieve its long-term growth objectives.
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