Imo Governor and Progressive Governors’ Forum Chairman Hope Uzodimma told foreign diplomats on Monday that Nigeria is now open for long-term investment after two years of tough reforms under President Bola Tinubu.
Speaking at a meeting with the diplomatic corps, Uzodimma said the administration had dismantled “entrenched systems of corruption” by ending fuel subsidy and floating the naira, moves he called painful but necessary to restore fiscal stability.
“In the past two and a half years, the tone of the periodic reports sent to your capitals must have shifted from concern to cautious optimism, and more recently, to genuine confidence,” he said.
He described the old subsidy regime as “the single largest organised corruption pipeline,” citing trillions lost to inflated import claims and smuggling. Tinubu, he said, acted immediately in May 2023 where past leaders had hesitated.
Uzodimma credited the reforms with boosting monthly FAAC allocations to N1.8 trillion–N2.6 trillion, freeing up funds for infrastructure and social programs. He pointed to the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, and 440 other road projects as evidence of “foundational repair.”
On the exchange rate, he said unifying the market ended arbitrage and rent-seeking. Though it spiked inflation and weakened the naira initially, reserves have since risen from $32 billion in 2024 to nearly $50 billion by March 2026, and the gap between official and parallel rates has narrowed.
“The chaos that made Nigeria’s macroeconomic indicators effectively fictitious has been retired,” he said. “That is the gift of the float. It is the prerequisite for serious capital, and Nigeria is now ready for serious capital.”
He cited upgrades from Fitch and Moody’s, stronger diaspora remittances, and more predictable conditions for investors. Growth topped 4% in Q4 2025 despite global shocks, he added, while inflation has cooled from its 2024 peak.
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Uzodimma also highlighted the student loan scheme, which has disbursed N242 billion to 1.3 million students, along with tax reforms, digital economy expansion, and moves toward state policing.
EU Ambassador Gautier Mignot said partners see Nigeria as a country of “immense opportunity” and pledged continued EU support. Budget Minister Atiku Bagudu said the Renewed Hope agenda focuses on recovery, inclusive growth, and institutional reform, pointing to opportunities in infrastructure, renewable energy, agriculture, and security cooperation.
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