Nigeria’s Economic Risks Overstated, Tuggar Tells Foreign Investors

Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has urged global investors to reassess their perception of Nigeria’s risk profile, describing prevailing security concerns as exaggerated.

Speaking during engagements on the sidelines of the World Economic Forum in Davos, Tuggar said insecurity in Nigeria was limited to isolated areas and did not reflect the broader national reality.

According to him, much of the instability affecting parts of the country is linked to regional spillovers from the Sahel, including the aftermath of conflicts in neighbouring countries.

The minister stressed that Nigeria should not be judged differently from other nations experiencing security challenges, noting that no country is entirely free from risk.

Tuggar highlighted ongoing reforms by the federal government aimed at improving investor confidence, including changes to the foreign exchange regime, tax reforms, and measures to improve access to foreign exchange.

He also disclosed that Nigeria’s foreign reserves had grown to about $43 billion, reflecting improved macroeconomic management.

On security, Tuggar said Nigeria had recorded progress against insurgency through regional cooperation, though these efforts were affected by political developments in neighbouring countries.

He warned that persistent negative narratives about Nigeria could unintentionally fuel insecurity by encouraging extremist groups seeking attention.