Federal Government Woos Austrian Investors With Promises of 20% Dollar Returns

Nigeria is offering Austrian investors a simple proposition: businesses already operating in the country are earning more than 20% in U.S. dollar returns. Budget and Economic Planning Minister Abubakar Bagudu made the pitch at the GPF Global Vienna Meeting in Vienna, where he urged companies to put their capital into Africa’s largest market.

Speaking virtually at a session on financing Africa’s future, Bagudu said Nigeria’s large population and demand for capital created opportunities for Austrian companies, particularly technology businesses. “We are confident that Nigeria is a proven market of choice with strong absorptive capacity, with over 200 million people. So, Austrian companies and businesses well-rooted in technology can operate profitably in Nigeria,” he said.

Bagudu attributed the improved investment climate to economic reforms implemented by President Bola Tinubu’s administration over the past three years. He said the measures were intended to remove distortions, including in the foreign exchange market, and establish a rules-based environment for private capital.

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We are confident that Nigeria is a proven market of choice with strong absorptive capacity, with over 200 million people. So, Austrian companies and businesses well-rooted in technology can operate profitably in Nigeria.

“The forex market has stabilised, with free entry and exit. Foreign reserves have risen significantly to over $50bn, providing over 11 months of import cover,” Bagudu said. He also pointed to higher revenues for Nigeria’s three tiers of government and movements in bond spreads as signs of stronger confidence in the economy.

The minister’s appeal comes as the Federal Government seeks foreign investment to help achieve its goal of expanding Nigeria’s economy to $1 trillion by 2030. He said reaching that target would require greater access to international capital.

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The forex market has stabilised, with free entry and exit. Foreign reserves have risen significantly to over $50bn, providing over 11 months of import cover.