FG Woos Austrian Investors With 20% Dollar Returns

The Federal Government has wooed Austrian investors to Nigeria, highlighting the country’s improving macroeconomic environment and opportunities across key sectors of the economy.

The Minister of Budget and Economic Planning, Abubakar Bagudu, made the appeal while addressing the Global Public Finance Global Vienna Meeting in Austria, where he outlined Nigeria’s economic reforms and efforts to attract foreign capital.

Bagudu said Nigeria’s foreign exchange market had become more stable and predictable, while the country’s foreign reserves had risen above $50 billion, providing more than 11 months of import cover.

He urged Austrian companies, particularly businesses with strong technological capabilities, to consider Nigeria as an attractive investment destination, citing the country’s large consumer market and opportunities for profitable ventures.

The minister said the reforms implemented by President Bola Tinubu’s administration were designed to improve macroeconomic predictability, remove distortions in the foreign exchange market and restore confidence among investors.

He argued that the reforms had already produced measurable improvements, including stronger government revenues and increased investor confidence.

Bagudu also highlighted Nigeria’s ambition to build a $1 trillion economy by 2030, saying this target made access to international capital increasingly important.

According to him, Nigeria sees the Austrian capital market as an important avenue for mobilising funds for projects in the country.

He disclosed that the Ministry of Finance, his ministry and Austrian partners had established ESME Limited as a special-purpose vehicle to support investment in Nigeria.

The company is expected to issue bonds on the Vienna Stock Exchange to finance investments by Austrian and other international companies in sectors including green technology, waste-to-energy, textiles, pharmaceuticals, agriculture and water.

Bagudu said the government was encouraged by progress toward the planned bond issuance and believed it would deepen economic and business relations between Nigeria and Austria.

Making a direct case for investment in Nigeria, the minister said existing investors were already earning returns of more than 20 percent in US dollars.

He described the returns as evidence of the opportunities available to international investors willing to participate in the Nigerian market.

The government’s pitch comes as Nigeria continues efforts to attract foreign capital, strengthen investor confidence and finance projects needed to support its long-term economic expansion.

Bagudu urged Austrian businesses to take advantage of the opportunities created by the ongoing reforms and participate in Nigeria’s drive toward becoming a $1 trillion economy by 2030.