FG Seeks Higher Investments, Increased Trade From G-24

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The Federal Government needs investment and increased trading relationships with member countries of the G-24. The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made this known yesterday, at the ongoing World Bank-IMF Spring Meetings held in Washington DC.

According to a statement signed by the Director, Information & Public Relations, Federal Ministry of Finance. Mohammed Danjuma, the Minister, who was represented by the Director-General of the Budget Office of the Federation, Mr. Ben Akabueze, said these would play a
critical role in the country’s quest for growth as well as ensuring a stable and growing economy by bringing tranquility to the tempestuous foreign exchange market.

The Minister, the statement said, informed the G-24, a group of countries working together to coordinate the positions of developing countries on international monetary and financial issues, and indeed the global gathering, that the Nigerian Government, on its part, had administered a cocktail of intervention programmes and potent policies which were already yielding desired outcomes.

According to him, the efforts of the President Bola Ahmed Tinubu-led administration towards repositioning the economy were already yielding the desired outcomes. These, he said, had significantly narrowed the gap between the exchanges at the parallel market and the Nigeria Foreign Exchange Market.

Edun said that Nigeria was well positioned to attract investments in various sectors such as manufacturing, agriculture, oil and gas, amongst others.

In response to a question from a Russian journalist on areas of cooperation between the two countries, the Minister said that the last major investment of the Eastern European nation in Nigeria was the Ajaokuta Steel Company, which “currently lies prostate over large sprawling greenfield.”

He noted that apart from Brazil, there no country in the world had as much arable land as Nigeria, as such, the country should be a net exporter of food and not an importer.

Edun also justified the decision for the Dangote Refinery to work on meeting local demands for petroleum products before eyeing export markets.

“Does it make a mean that domestic demand is not yet met and a company refines products and exports, while Nigeria goes and imports the same products from Europe?” he queried.

He stated that local refining would be encouraged until indigenous demand had been fully met before the nation would export products as well as earn foreign exchange from such exports.

On budget implementation, he said that due to the government’s determination to make impacts in various sectors, the capital component of the 2023 supplementary budget was still being implemented and would run until June.

The Minister added that the 2024 budget was being implemented as planned, assuring that the citizens would be better for it.

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