Bagudu Calls for Increased German Investment in Nigeria

Abubakar Bagudu, the Nigerian Minister, called for increased German investment in Nigeria during a forum hosted by the German Embassy in Lagos. He outlined the benefits of President Bola Tinubu's economic reforms, which have aimed to restore macroeconomic stability and improve fiscal sustainability.

Bagudu noted that Nigeria's revenue collection is projected to rise from 19.9 trillion Naira in 2023 to 28 trillion Naira in 2025, exceeding government targets. He also mentioned that foreign exchange reserves are expected to reach $46 billion by early 2026, the highest in nearly eight years, which would help stabilize the foreign exchange market and boost investor confidence.

The minister pointed out that inflation has shown signs of gradual moderation and that international credit rating agencies have revised Nigeria's outlook to stable, reflecting growing confidence in the country's reform trajectory. He emphasized that Nigeria remains off the FATF grey list, reinforcing confidence in its financial regulatory system.

Bilateral trade between Nigeria and Germany is projected to rise by almost 30% to approximately $3 billion by 2025.