Nigeria’s Economy Gaining Momentum, Says Trade Minister at Davos

Nigeria’s economic outlook is improving, with key indicators pointing to a gradual but firm recovery, according to the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole.

She said the economy has recorded growth above four per cent, inflation has eased significantly, and investor confidence—both domestic and foreign—is picking up as reforms begin to yield results.

Speaking during an interview on the sidelines of the World Economic Forum in Davos, Switzerland, Oduwole explained that recent policy adjustments, investment-focused reforms and stronger global partnerships are reshaping perceptions about Nigeria’s economic prospects.

She noted that international institutions project sustained growth, describing the current performance as the strongest in over a decade. Inflation, she added, has dropped sharply between 2024 and 2025, easing pressure on households and businesses.

According to the minister, Nigeria’s debut of the “Nigeria House” platform at the forum provided an opportunity to showcase the country’s reform agenda, trade priorities and investment opportunities to global decision-makers.

She also highlighted progress in trade facilitation, particularly reforms in port operations. A new single-window system, expected to go live before the end of the quarter, is designed to simplify procedures and improve efficiency for businesses.

Oduwole further stressed the importance of Nigeria’s economic relationship with the United States, describing it as a strategic partnership supported by growing commercial cooperation between businesses on both sides.

She said Nigeria remains committed to long-term reforms, infrastructure development and export expansion, while positioning itself for leadership within the African Continental Free Trade Area. The opening of new air cargo corridors across Africa, she added, has already helped to significantly reduce freight costs for exporters.