By Brad Haynes

DAVOS, Switzerland (Reuters) – Nigeria needs to double its economic growth from an annualized rate of 3.5% in the third quarter to lift its population out of poverty, according to Finance Minister Wale Edun at the World Economic Forum’s annual meeting.

Edun stated that Nigeria is on a growth path after implementing tough economic reforms that have raised inflation, paving the way for increased investments.

In a Thursday interview, he mentioned ongoing meetings in Davos with business leaders from sectors such as consumer goods, food and beverages, financial services, and infrastructure to attract investments, remarking, “It’s a steady trickle now. What we want is a stream and at the end of the day, a flood of investment.”

The Nigerian government seeks to boost private investment rather than rely on borrowing amid sluggish growth, double-digit inflation, and substantial debt. President Bola Tinubu has pledged to expand the economy by at least 6% annually, create jobs, and unify the exchange rate, alongside addressing rampant insecurity.

In his reform efforts, Tinubu abolished a costly petrol subsidy and removed foreign exchange trading restrictions, which contributed to consumer inflation. However, Edun remains optimistic that Nigerians will soon overcome their cost of living crisis.

Central Bank Governor Olayemi Cardoso projected the economy to grow by 4.17% this year, buoyed by ongoing reforms and stabilizing inflation.