Nigeria’s Minister of Foreign Affairs, Yusuf Tuggar, has called on international investors to reassess perceptions of risk in the country, describing widespread reports of insecurity and geopolitical threats as exaggerated and detrimental to foreign investment confidence.
Speaking on CNN on Tuesday during the World Economic Forum in Davos, Switzerland, Tuggar emphasized that security incidents across Nigeria are largely isolated and do not reflect the overall national environment. He attributed some of the unrest to spillover from conflicts in the Sahel region and broader regional instability.
“We are urging investors to treat Nigeria the same way they treat other countries. The fact that there are incidents in certain areas does not define the entire country,” Tuggar said. He noted that challenges such as armed groups, weapon proliferation, and climate-related pressures are part of complex regional dynamics extending beyond Nigeria’s borders.
Tuggar highlighted ongoing government efforts in collaboration with international partners, including the United States, to target terrorist and bandit hideouts. He also stressed that overstating Nigeria’s risks can be counterproductive, potentially emboldening extremist actors seeking attention.
“It’s very important we look at Nigeria holistically and not define the country by isolated incidents,” he added, noting that additional measures, such as deploying forest guards, are part of the country’s comprehensive security strategy.
Beyond security, Tuggar underscored reforms implemented under President Bola Tinubu’s administration to improve the investment climate. These include fiscal and macroeconomic initiatives such as adjustments to the foreign exchange regime, tax reforms, and a reduction in corporate income tax. According to the minister, Nigeria’s foreign reserves have risen to around $43 billion, with reforms facilitating easier access to foreign exchange for businesses.
On counterinsurgency efforts, Tuggar acknowledged progress against Boko Haram through the Multinational Joint Task Force (MNJTF), which allowed cross-border operations. However, he noted that regional cooperation had been affected by Niger’s withdrawal from the force following last year’s military coup.
Tuggar’s remarks at Davos align with broader discussions about Africa’s investment potential. Earlier, World Trade Organization Director-General Dr Ngozi Okonjo-Iweala advised Nigeria to actively pursue global investors and supply chain relocations to reduce import dependence, strengthen domestic manufacturing, and drive job creation.
Speaking on a panel titled “From Scale to Capital: Financing Nigeria’s Role as Africa’s Digital Trade and Infrastructure Anchor,” Okonjo-Iweala highlighted that rising geopolitical tensions, especially between the United States and China, are accelerating supply chain diversification, presenting opportunities for Nigeria to capture a share of global trade networks.
Together, the comments from Tuggar and Okonjo-Iweala signal a concerted push by Nigerian authorities to present a more investor-friendly narrative, emphasizing economic reforms, security progress, and opportunities for international engagement.
