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The Minister of Foreign Affairs, Yusuf Tuggar, has urged international investors to look beyond Nigeria’s security challenges, saying exaggerated geopolitical risk narratives have undermined investor confidence in the country.
Speaking on CNN at the World Economic Forum in Davos, Switzerland, Tuggar said incidents of insecurity in Nigeria were isolated and did not reflect conditions nationwide. He attributed much of the instability to spillovers from the Sahel region.
He said investors should assess Nigeria as they would any other country and avoid judging the entire nation based on incidents in limited areas. According to him, geopolitical risk in Africa is often overstated in ways that do not apply elsewhere.
He said the government is working closely with international partners, including the United States, to target bandits and terrorist groups in their hideouts. He added that Nigeria is actively engaging investors and countering exaggerated risk perceptions about its economy.
The minister highlighted macroeconomic and fiscal reforms under President Bola Tinubu’s administration aimed at boosting investor confidence. These include changes to the foreign exchange regime, tax reforms and a reduction in corporate income tax.
He said Nigeria’s foreign reserves had risen to about $43 billion and that reforms had improved access to foreign exchange.
He warned that persistent negative framing of Nigeria’s security situation could worsen insecurity by encouraging extremist groups to seek attention through attacks. He urged observers to assess the country holistically rather than define it by isolated incidents.
Tuggar added that, alongside security agencies, the government has also deployed forest guards to combat terrorism and protect lives and property.
Earlier, the Director-General of the World Trade Organisation, Dr Ngozi Okonjo-Iweala, called on Nigeria to deliberately target global investment and supply chain relocations to reduce import dependence, expand manufacturing and create jobs.
She said rising geopolitical tensions, especially between the United States and China, have accelerated global supply chain diversification.
