The Federal Government has called for increased investments and trading partnerships from member countries of the Group of Twenty-Four.
This appeal was made during the World Bank-IMF Spring Meetings in Washington DC by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, who was represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze.
The Group of 24 which was formed in 1971 is an assembly of developing nations. Their collective aim is to collaborate in aligning their stances on issues related to international monetary policy and development financing.
In a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Danjuma, on Thursday, the Minister highlighted the Nigerian Government’s implementation of various intervention programmes and robust policies under President Bola Tinubu’s administration.
These measures have reportedly begun to show positive effects, notably reducing the disparity between the parallel market and the official Nigeria Foreign Exchange Market rates.
Edun emphasized Nigeria’s advantageous position to attract foreign investments in diverse sectors, including manufacturing, agriculture, and oil and gas. In response to a query from a Russian journalist, he pointed out that the last significant investment from Russia was the Ajaokuta Steel Company.
He also noted Nigeria’s vast arable land, second only to Brazil, suggesting that the country has the potential to become a major food exporter rather than an importer.
Addressing the operations of the Dangote Refinery, the minister defended the strategy to prioritise meeting domestic petroleum product demands before considering exports. He questioned the rationale behind exporting refined products while the nation continued to import them from Europe.
Furthermore, Edun assured all that the capital component of the 2023 supplementary budget would continue to be executed until June, reflecting the government’s commitment to impactful development across various sectors.
Wale Edun confirmed that the 2024 budget is being implemented as planned, promising improved welfare for the citizens.
The statement underscores Nigeria’s proactive steps towards economic repositioning and its openness to international collaboration for mutual growth and stability.
