VIENNA — Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has called on Austrian investors to invest in Nigeria.

‎Speaking via video on Tuesday at the GPF Global Vienna Meeting in Austria, Bagudu said President Bola Tinubu’s economic reforms have made Nigeria more attractive for business.

‎He said Nigeria has a market of over 200 million people and strong capacity to absorb investment. He added that Austrian companies with technology can make good profits in the country.

‎Bagudu said the reforms removed distortions in the foreign exchange market and created a more predictable environment. He said the forex market is now stable, foreign reserves have risen to over $50 billion, and government revenue has increased across federal, state and local levels.

The minister said Nigeria is targeting a $1 trillion economy by 2030 and needs foreign capital to get there. He said Nigeria and Austria have similar economic strengths.

Bagudu also announced that Nigeria, the Ministry of Finance and Austrian partners have set up a company called ESME Limited. The company will issue bonds on the Vienna Stock Exchange to fund projects in Nigeria in areas like green technology, agriculture, pharmaceuticals, textiles and water.

‎He said existing investors in Nigeria are earning more than 20 per cent return on investment in US dollars.

‎Bagudu expressed confidence that the new bond issue will strengthen business ties between Nigeria and Austria.