Nigeria’s economic reforms under President Bola Ahmed Tinubu are already paying dividends, attracting over $8 billion in major oil and gas investments and lifting the nation’s external reserves above $50 billion, the Minister of Information and National Orientation, Mohammed Idris, said.
Speaking in London on Sunday at a world press conference ahead of President Tinubu’s historic state visit to the United Kingdom, Idris said the numbers reflect renewed global confidence in Nigeria and highlight the opportunities opening up for trade, investment, and international cooperation.
“This visit highlights the historic and strategic relationship between Nigeria and the United Kingdom, a partnership built on deep diplomatic, economic, cultural, and democratic ties,” the minister said, noting that the engagement will focus on strengthening collaboration in trade, security, education, climate action, and technological innovation.
Idris emphasised that Nigeria’s democracy, now more than two decades old, is supported by robust institutions, active civil society, and a dynamic media landscape.
“The administration of President Tinubu is committed to ensuring that democracy delivers real benefits to citizens through the Renewed Hope Agenda, which focuses on stabilising the economy, expanding opportunities, strengthening social protection, and investing in long-term national development,” he added.
Highlighting key reforms, Idris cited the removal of the petrol subsidy, harmonisation of multiple foreign exchange regimes, and a series of executive orders in the oil and gas sector, all designed to boost fiscal transparency and investment predictability.
“Each of these investment dollars represents jobs for Nigerians, technical skills development, revitalised communities, and stronger revenues for governments at all levels,” he said.
The minister announced plans to launch a historic Customs Single Window, a unified digital platform to streamline trade documentation, while also highlighting Nigeria’s exit from the Financial Action Task Force grey list following reforms to combat money laundering.
Other initiatives highlighted include mining sector reforms, major infrastructure projects such as the Lagos–Calabar Coastal Highway, Sokoto–Badagry Super Highway, and Ajaokuta–Kaduna–Kano Gas Pipeline, and human capital investments, including the Nigerian Education Loan Fund, which has enabled over one million students to access higher education without upfront tuition payments.
Idris also spoke on security improvements, stating that intelligence sharing among agencies has been strengthened to confront terrorism, banditry, and organised crime, alongside international collaboration.
He noted that Nigeria’s Navy, ranked Africa’s strongest by the 2026 Global Firepower Index, is leading a Combined Maritime Task Force to secure the Gulf of Guinea.
Additionally, he reaffirmed Nigeria’s commitment to religious freedom, peaceful coexistence, and national unity, and highlighted the country’s role in global affairs, including peacekeeping and climate diplomacy.
“We deeply value our long-standing partnership with the United Kingdom and look forward to strengthening collaboration in the years ahead,” Idris said, assuring that government policies support regulatory transparency, tax incentives, and full repatriation of profits.