Reforms Growing Nigeria’s Economy, Edun Says To Investors

The Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has told global investors that the bold reform policies being initiated by the President Bola Tinubu administration has set the country on a firm path of accelerated economic growth.

He spoke at the on-going Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington DC, yesterday.

According to the minister the policies of the current administration were to raise the standard of living of Nigerians through productivity, guaranteed by ease of doing business for both domestic investors, Nigerians in the Diaspora and international investors across all sectors.

Describing the reforms as “bold, courageous and strategic”, Edun said that the Nigerian economy under President Tinubu has already shown early signs of impressive growth, a development that has made the IMF and the World Bank to raise their growth projections.

His words: “The Economic Team of President Bola Ahmed Tinubu is here to showcase the progress so far made of his bold, courageous and strategic reforms for the Nigerian economy in order to get it stabilised so as to attract foreign investment, create jobs for our people, reduce poverty and enhance our economic growth and development in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led administration.

“We have all seen what has happened in terms of stabilising the exchange rate and inflation, which is now heading in the right direction.

“If you look closely at the numbers that came out especially from Monday, you will see that there is a slowing of the rate of increase of food inflation, things are moving in the right direction, government revenues are up, even oil revenues are up but not as much as we would like. But I assure you that with our resilience, we will get there.”

While targeting a mix of investors, the minister who led the Nigerian delegation to the Spring Meetings assured that foreign investments into the country will provide opportunities for job creation and poverty reduction.

On investment opportunities, he said they abound in agriculture, especially with the nation’s massive arable land, large market and the growing youth population.

Edun also identified oil and gas, infrastructure, especially roads, rails and housing, as well as, the services sectors.

The Minister added that the economy was moving in the right direction as the policies put in place by the present administration had brought a significant stability of the nation’s exchange rate.

He added that the reforms introduced by the president had significantly resulted in boosting revenue, with which the country could spend more money on capital development projects as well as on social goods.

Edun described Nigeria as the investment destination of choice, given the nation’s liberal environment which allows easy repatriation of capital by foreign investors.