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The Federal Government has called for increased investments and trading partnerships from Group of Twenty-Four member countries.
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 the Director General of the Budget Office of the Federation, Mr. Ben Akabueze represented.
Formed in 1971, the Group of 24 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 emphasised 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.
He also 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.
The statement partly read, “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 tranquillity 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 explained that the efforts of the President Bola Ahmed Tinubu-led Administration towards repositioning the economy were already yielding desired outcomes, which has significantly narrowed the gap between the exchanges at the parallel market and the Nigeria Foreign Exchange Market.”
