By Anthony Otaru, Abuja
Global investors have acknowledged Nigeria’s financial sector reforms but say clearer policy direction and greater consistency are needed to translate these reforms into sustained, long-term investments.
The concerns were raised at the Africa Capital Forum held at The Peninsula London, on the sidelines of President Bola Tinubu’s visit to the United Kingdom.
The forum, themed “From Stabilisation to Capital Mobilisation,” was jointly hosted by the Central Bank of Nigeria (CBN) and the UK Foreign, Commonwealth and Development Office (FCDO).
While participants noted progress in stabilising key macroeconomic indicators, they stressed that converting renewed investor interest into durable capital inflows remains a major test for policymakers.
British Deputy High Commissioner to Nigeria, Jonny Baxter, said the next phase of reforms must focus on sustaining investor confidence through long-term commitments.
“The next phase of the reforms should be converting renewed investor interest into long-term sustainable investments,” he said, adding that the UK would continue to support Nigeria’s economic transformation.
President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud-Basso, acknowledged Nigeria’s strong economic potential but implied that stability must be consolidated to unlock investment fully.
“We see all the potential in the economic stabilisation in Nigeria… and the ability of the people to embrace new technologies,” she said.
Similarly, Head of West and Central Africa at UK Export Finance (UKEF), Steve Gray, emphasised that transparency and policy credibility remain critical to deepening investor trust.
“Confidence is built through full fiscal transparency. But the reforms in Nigeria are providing transparency and building confidence,” he noted, while calling for stronger alignment between policy and Nigeria’s economic strengths.
On the government’s side, Special Adviser to the President on Finance and the Economy, Sanyade Okoli, admitted that public resources alone are insufficient to drive growth, underscoring the need for private and foreign capital.
“We need to work with partners who will bring the sticky, equity capital,” she said.
Central Bank of Nigeria Deputy Governor for Economic Policy, Muhammad Sani Abdullahi, highlighted improvements in reserves, exchange rate stability, and moderating inflation, but maintained a cautious outlook.
“We are seeing stability, but we remain cautious,” he said.
His counterpart for Financial System Stability, Philip Ikeazor, argued that the reforms are structured to outlast the current administration.
However, investors indicated that long-term policy consistency will ultimately determine their impact.
Banking executives at the forum also acknowledged the gains from recent reforms, including foreign exchange unification and recapitalisation, but noted that sustained confidence would depend on how effectively these policies translate into real sector growth and investment opportunities.
The forum, which examined issues such as capital market recovery, fintech growth, and diaspora investment, ultimately highlighted a central concern: while Nigeria’s reform trajectory is gaining attention, investors are still waiting for clearer signals that reforms will deliver sustained, predictable returns.
