Nigeria, OECD deepen ties to boost economic reforms, investment opportunities

Nigeria is set to strengthen its economic partnerships with the Organisation for Economic Co-operation and Development (OECD) as part of a broader strategy to drive essential economic reforms, attract investment, and open up opportunities for its growing youth population.

Wale Edun, finance minister and coordinating minister of the economy, confirmed the federal government’s commitment to deepening collaboration with the OECD, stressing the importance of harmonising data systems to support these goals.

Edun’s remarks came during a courtesy visit by a delegation from the OECD, led by Carlos Conde, the Head of the Middle East and Africa Division on Tuesday.

The meeting, held at the finance ministry in Abuja, underscored the growing importance of Nigeria as a key player in the West African economic landscape.

The discussions revolved around Nigeria’s economic priorities, which include enhancing the capital markets, bolstering regional integration, curbing illicit financial flows, and focusing on sustainable finance.

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Human capital investment also emerged as a critical component of the dialogue.

“We welcome the OECD’s increasing engagement in Africa, and particularly in Nigeria, which stands as a pivotal partner for regional economic development,” Edun stated.

He highlighted the need for a streamlined approach to data collection and dissemination, which he sees as essential for effective economic planning, attracting investment, and fostering job creation, especially for young Nigerians.

The OECD delegation also provided insights into its growing footprint across Africa, detailing collaborative efforts with regional entities such as the African Union and various regional economic communities.

Through these partnerships, the OECD aims to bolster governance, enhance digitalisation, and provide technical support in key areas like statistics and economic modelling.

“By working together, Nigeria and the OECD can unlock new opportunities for economic growth, job creation, and poverty reduction, ultimately improving the lives of Nigerian citizens,” the finance ministry noted in a statement.

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.