Nigeria’s industrial boom and $43bn reserves signal renewed investor confidence

Speaking in Abuja on Thursday, October 6, Edun said the figures reflect the success of the government’s structural reforms, which aim to build a more competitive, job-creating, and inclusive economy.

“These reforms, though challenging, are guided by a clear objective: to create a competitive economy that lifts millions out of poverty,” he stated.

According to Edun, thirteen key sectors, including manufacturing and technology, expanded by over 7%, up from nine industries in the previous quarter.

“The industrial sector nearly doubled its growth from 3.72% to 7.45%, reflecting renewed investor interest and rising productivity,” he added.

Inflation fell to 18% in December 2024, while Nigeria’s foreign reserves rose above $43 billion, and trade surplus climbed to $4.9 billion (₦7.4 trillion), strengthening the nation’s external buffers.

Edun also highlighted improved consumer welfare, noting that “Nigerians now spend about half of their income on basic needs, compared with nearly 90% previously,” a sign of growing disposable income and stability.

He added that international institutions such as the IMF and World Bank had recognised Nigeria’s reform momentum through upgraded growth forecasts and improved credit ratings, a signal, he said, that “Nigeria is back on the global investment radar.”