‘Nigeria ready for business’, Senator Sani Musa tells Oxford audience

Senator Sani Musa (Niger East), Chairman of the Senate Committee on Finance, told scholars, students and diplomats at Oxford University’s Africa Centre that Nigeria is “ready for business” following economic reforms by President Bola Ahmed Tinubu. Speaking at the EU-Africa dialogue, “De-risking and Driving Capital: EU-Africa Dialogue on Financing Africa’s Investment Gap,” Senator Mus urged […]

Senator Sani Musa (Niger East), Chairman of the Senate Committee on Finance, told scholars, students and diplomats at Oxford University’s Africa Centre that Nigeria is “ready for business” following economic reforms by President Bola Ahmed Tinubu.

Speaking at the EU-Africa dialogue, “De-risking and Driving Capital: EU-Africa Dialogue on Financing Africa’s Investment Gap,” Senator Mus urged international partners to prioritise local investment and the packaging of bankable projects.

He described Nigeria as a unique opportunity on the continent and encouraged investors to take advantage of reforms under way.

“Nigeria, it’s a case study for any other African country to follow soon, because we are the most populated country. We have a more productive age group,” Senator Musa said, arguing that demographic strength must be matched by investment.

“Africa constitutes about 17% of the world’s population. But yet, little is coming to us, which is less than 6%,” he added, challenging partners to close the gap between potential and capital flows.

Highlighting natural advantages, he said: “We have almost 60% of arable land. When you venture into agriculture, it’s another gold mine.”

On macroeconomic policy, he defended the reforms as transformative. “President Bola Ahmed Tinubu’s economic reforms have transformed the Nigerian economy, making the country ready for growth,” he said, noting that stabilisation is visible in key indicators.

“Every reform comes with difficulties and pains, but the future looks bright. We have started turning the corner; inflation is steadily coming down, and the foreign exchange market is stabilised,” he added. “Massive infrastructure projects are being planned and executed.”

Responding to a question on the administration’s recent borrowings, the ranking senator said the loans were planned and captured in the Medium-Term Expenditure Framework. “The borrowings were captured in the medium-term expenditure plan, indicating that the Senate was merely approving what had already been agreed upon,” he said.

Flagging revenue gains, he said: “With the new tax law coming into effect in January 2026, the country’s revenue will increase significantly, and Nigerians will begin to see the benefits.”

On constraints, Senator Musa emphasised that the main problem is not the absence of capital but a shortage of bankable projects. “The true constraint is not the absence of capital, but the absence of bankable projects. We do not actually package,” he warned.

He said collaboration between the executive and legislature had supported “market correction.” “We bridge the gap between the foreign exchange market and pressures on the Naira… That now gives us enough capital to put into infrastructure,” he said.

Addressing energy transition, he argued that developing countries need alternatives before abandoning abundant mineral resources. “For me, if you leave me, I’d encourage Nigeria to leave OPEC so that we continue to drill more oil. We need to drill more oil so that we can meet the needs of our people,” he said, provoking lively exchanges from the audience.

Regarding oversight, he explained steps to improve transparency in the use of loans and foreign investments. “The Parliament mandated all government agencies to inform the Senate about any projects or investments they plan to undertake under the approved loans. This is to ensure checks and balances and that taxpayers’ money is not wasted,” he said.

His Excellency Javier Nuno Perez, Head of Delegation and Ambassador of the European Union to the African Union, affirmed the EU’s commitment to Africa: “We are the only one dealing with the continent with an open mind. We have more investment, and we import more from the continent than the United States and China,” Ambassador Perez said.

Private sector perspectives were featured, with Feng Liu, Managing Director of WSD Capital, contributing to discussions on cross-border investment and project finance.

Senator Musa urged better project preparation and targeted local investment to match Nigeria’s demographic strengths, arable land, stabilising macroeconomics and improved governance. “What we have done in collaboration with the executive and the legislative arm of the Nigerian government, we’ve been able to support market correction… removing longstanding distortions, especially in incentives and frameworks,” he said.