Nigeria’s Foreign Affairs Minister, Yusuf Tuggar, has urged international investors not to let security challenges in the country deter them from exploring its growing economic opportunities.
Speaking in an interview with CNN, Tuggar said the unrest in some parts of the country is largely regional, stressing that Nigeria is being unfairly judged by isolated security incidents.
“It’s very important to see the conflict for what it is. It’s a regional conflict that has spilled over into Nigeria. It is not removed from the conflict in the Sahel. It’s not removed from what happened in Libya many years ago.
“It’s not removed from the proliferation of weaponry, of fighters and climate change issues and so many other complex issues.” he said.
The minister added that the Nigerian government is working with international partners, including the United States, to decimate bandits and terrorist groups in the country.
Tuggar said the government is engaging investors and countering what he described as an exaggerated risk narrative around Nigeria’s economy.
“We’re urging potential investors to treat us the same way, to look at us the way that they look at other countries. The fact that there is an incident in a country of 923,000 square kilometres does not mean you write off the entire country,” he said.
He noted that geopolitical risk in Africa is often exaggerated compared to other regions, discouraging capital inflows.
Tuggar also highlighted reforms under the Bola Tinubu administration aimed at boosting investor confidence, including changes to the foreign exchange regime, tax reforms, and a reduction in corporate income tax.
“It’s very important we look at the progress that the Tinubu administration has been making with macroeconomic reforms, with the tax reforms that makes it easier for investors to come into Nigeria,” he said.
Tuggar pointed out that Nigeria’s foreign reserves had risen to about $43 billion, while reforms have improved access to foreign exchange.
Further commenting on Nigeria’s insecurity, he noted that the country has made significant gains against Boko Haram through regional cooperation, particularly via the multinational joint task force.
He, however, lamented that the efforts were disrupted following Niger Republic’s withdrawal after last year’s coup.
He warned that persistent negative coverage of Nigeria’s security could worsen the situation by incentivising extremist attacks for attention.
“So let us look at Nigeria holistically. Let us not continue to dwell on some of these isolated incidents and define the entire country by it,” he added.
About the Author
