By Stella Odueme
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has urged Austrian investors to look towards Nigeria for profitable investment opportunities, saying the economic reforms of President Bola Tinubu have repositioned the country as an attractive destination for private capital.
Bagudu made the call on Tuesday in a video address to participants at the GPF Global Vienna Meeting in Vienna, Austria, themed: “Financing Africa’s Future: The Vienna Stock Exchange as a Gateway to European Capital Markets for African Government Projects.”
He said Nigeria’s large population, expanding market and growing demand for technology-driven solutions offered enormous opportunities for Austrian businesses.
“We are confident that Nigeria is a proven market of choice with strong absorptive capacity, with over 200 million people. Austrian companies and businesses well-rooted in technology can operate profitably in Nigeria,” Bagudu said.
The minister said the Tinubu administration’s economic reforms were designed to restore macroeconomic stability, improve market predictability and boost investor confidence by removing distortions, particularly in the foreign exchange market.
According to him, the reforms have produced significant gains over the past three years and created a more transparent, rule-based environment for investors and capital market participants.
Bagudu said the country’s macroeconomic environment had become more stable, noting that the foreign exchange market was now more predictable and allowed for freer entry and exit of capital.
He added that Nigeria’s foreign reserves had risen to over $50 billion, providing more than 11 months of import cover.
The minister also said the reforms had contributed to substantial revenue growth across the federal, state and local government levels, providing governments with greater resources to deliver essential services to citizens.
Making a strong case for investment in Nigeria, Bagudu said improving bond spreads reflected growing confidence in the country’s economy.
He noted that Nigeria and Austria shared certain demographic and comparative economic advantages, adding that Nigeria was keen to explore opportunities within the Austrian capital market as it pursues its ambition of building a $1 trillion economy by 2030.
According to him, Nigeria’s drive to achieve the economic target makes the attraction of foreign capital increasingly important.
Bagudu disclosed that the Ministry of Budget and Economic Planning, the Ministry of Finance and Austrian partners, in collaboration with the Austrian Stock Exchange, had established ESME Limited as a special purpose vehicle to facilitate investments in Nigeria.
He said the company’s board included representatives of the Ministry of Finance Incorporated and prominent Austrian businessmen.
The company, he explained, is expected to issue bonds on the Vienna Stock Exchange to mobilise funds for investments by Austrian and other companies in key sectors of the Nigerian economy.
The targeted sectors include green technology, waste-to-energy, textiles, pharmaceuticals, agriculture and water.
Bagudu said the Federal Government was encouraged by the progress made towards the planned bond issuance and expressed confidence that the initiative would deepen economic and business ties between Nigeria and Austria.
He assured prospective investors of strong returns, maintaining that Nigeria offered significant opportunities for businesses willing to take advantage of the country’s large market and ongoing economic transformation.
According to the minister, existing investors in Nigeria are recording returns of more than 20 per cent on investment in US dollar terms.
He urged Austrian investors to take advantage of the opportunities available, insisting that businesses that invest in Nigeria would have no cause for regret.