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Finance Minister takes Nigeria on European Roadshow, Says FG Committed to Removing Subsidies

By on February 17, 2012

The Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo Iweala, began a two-day, non-deal roadshow to update European investors on the political and economic outlook of Nigeria.

International investors, especially those with stake in Nigeria’s Eurobond have become very jittery due to the volatile security situation in the country, in addition many are worried President Jonathan does not have the stuff to push tough reforms through in the country.

These fears necessitated the minister’s travels. Speaking to the IFR in an interview, the minister stated, “I disagree with these analysts [who are downgrading forecasts]. They always try to talk down Nigerian growth.”

She said the economy of Nigeria is to grow 7% to 8% this year and that the government is committed to phasing out subsidies.

She cited GE’s intentions to invest in manufacturing in the country and a US trade mission’s intention to invest $ 1.5 billion as proof that investors are not avoiding Nigeria.

Iweala said, “We’re carrying out strong reforms, such as transformation of the port, deregulation of the power sector and opening up of the agricultural sector. All in all the prospects are good.

“It’s been a rough start to the year but it is based on doing the right thing. Nigeria remains an interesting market for investors.”