In a significant move to strengthen its economic framework and tackle the growing challenge of illicit financial flows, Nigeria has forged a strategic partnership with the Organisation for Economic Co-operation and Development (OECD).
This collaboration aims to enhance Nigeria’s economic stability, promote sustainable growth, and foster regional integration.
The partnership was officially solidified during a courtesy visit by Carlos Conde, the Head of the Middle East and Africa Division at OECD, to Wale Edun, Nigeria’s Honourable Minister of Finance and Coordinating Minister of the Economy.
According to a statement from the Ministry of Finance, the discussions emphasized Nigeria’s critical role in West Africa and the broader African economic landscape. Focus areas included the development of capital markets, curbing illicit financial flows, fostering sustainable finance, and enhancing investments in human capital.
Highlighting its commitment to Africa, the OECD underscored its expanding engagement on the continent, working closely with the African Union, regional blocs, and individual nations like Nigeria. The OECD’s technical support will include assistance in digitalization, governance, and statistical systems—key pillars to modernizing Nigeria’s economy and ensuring transparency and accountability in financial dealings.
In his remarks, Minister Edun expressed his enthusiasm for the partnership, stressing that harmonized data systems will play a pivotal role in driving much-needed economic reforms, attracting foreign investments, and creating opportunities for Nigeria’s vibrant youth population.
“By aligning data systems and creating a more transparent and accountable framework, we can not only boost investor confidence but also lay a stronger foundation for future growth,” Edun stated.
This new collaboration comes at a time when Nigeria is making major strides in economic reforms. In January, Minister Edun praised President Bola Tinubu for introducing vital reforms that have stabilized the Nigerian economy, recovering 5% of the GDP previously lost to inefficiencies.
These measures, including the removal of wasteful subsidies and the adoption of market-driven pricing mechanisms for petroleum products and foreign exchange, have sent strong signals to global investors.
“We have set the stage for a return of foreign direct investments, and this is evident with significant commitments from international giants like Shell and TotalEnergies, which have pledged a combined $8 billion in investments,” Edun remarked. These investments reflect a renewed confidence in Nigeria’s economic potential, thanks to these crucial reforms.
The partnership with the OECD also aligns with Nigeria’s ongoing efforts to improve its international relations and economic standing. In December 2024, Edun led a high-level delegation to Saudi Arabia, focused on strengthening bilateral ties and improving economic cooperation between the two nations. The mission centered on enhancing export credit frameworks, insurance systems, and market access, with the ultimate goal of boosting trade and economic growth for both nations.
Edun concluded, “What we have brought back is foreign exchange, what we have brought back is jobs for Nigerians.” This commitment to driving economic transformation is set to usher in a new era of prosperity, not just for Nigeria, but for the entire West African region.
With this partnership, Nigeria is not just fighting illicit financial flows but also laying the groundwork for a more transparent, accountable, and prosperous economic future. The OECD collaboration signals a new chapter in Nigeria’s economic journey, one where reforms, regional cooperation, and sustainable growth take center stage.
