The government of Nigeria has asked for more investments and business partnerships from G-24 member countries.
During the World Bank-IMF Spring Meetings in Washington DC, the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze, made this appeal.
The Group of 24, formed in 1971, is a gathering of developing nations. They work together to align their positions on international monetary policy and development financing.
In a statement released by the Ministry of Finance, the Minister highlighted the Nigerian Government’s implementation of various intervention programmes and strong policies under President Bola Tinubu’s administration.
These measures have started to have positive effects, particularly reducing the difference between the parallel market and the official Nigeria Foreign Exchange Market rates.
Edun emphasized Nigeria’s potential to attract foreign investments in different sectors, including manufacturing, agriculture, and oil and gas. In response to a question from a Russian journalist, he mentioned the last significant investment from Russia was the Ajaokuta Steel Company.
He also pointed out Nigeria’s large arable land, second only to Brazil, indicating that the country has the potential to become a major food exporter rather than an importer.
Talking about the operations of the Dangote Refinery, the minister defended the strategy to prioritize meeting domestic petroleum product demands before considering exports. He questioned the reasoning behind exporting refined products while the nation continued to import them from Europe.
Edun also assured everyone that the capital component of the 2023 supplementary budget would continue to be executed until June, showing the government’s commitment to impactful development across various sectors.
He also confirmed that the 2024 budget is being implemented as planned, promising improved welfare for the citizens.
The statement emphasizes Nigeria’s proactive steps towards economic repositioning and its openness to international collaboration for mutual growth and stability.
The statement partly states, “The Federal Government has said that it needs investment and increased trading relationships from member countries of the G-24 as these will play a critical role in the country’s quest for growth as well as ensure a stable and growing economy by bringing tranquility to the tempestuous foreign exchange market.
“Represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze, the Minister 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 Nigerian Government, on its part, has administered a cocktail of intervention programmes and potent policies which are already yielding desired outcomes.
He said that the President Bola Ahmed Tinubu-led Administration's efforts to revitalize the economy were already producing positive results, resulting in a significant reduction in the difference between the exchange rates at the parallel market and the Nigeria Foreign Exchange Market.
