Former Lagos commissioner, Wale Edun, named in Tinubu’s ministerial list, shared promising news during a press briefing in Marrakesh, Morocco. As the Minister of Finance and Coordinating Minister of the Economy, Edun revealed that Nigeria has now become the foremost consideration for foreign investment. This significant shift in perception has come as a direct result of the positive response to the reform measures implemented by the Federal Government.
These revelations surfaced as part of Nigeria’s active participation in the annual World Bank/International Monetary Fund (IMF) meetings held in Morocco. During this weeklong event, the World Bank and IMF heaped praise on the Federal Government’s decisions, which included the removal of fuel subsidies, unification of exchange rates in the official foreign exchange market, and the elimination of foreign exchange restrictions on 43 specific items.
In light of these commendations, Edun affirmed that Nigeria is now at the forefront of international investors’ minds. He stated, “There have been many conversations, and as I said earlier, the narrative is that, with the bold and courageous steps that Nigeria has taken, we are now at the forefront, almost number one on people’s list when they want to look at where to invest.”
Edun emphasized that there is still more work to be done, but the country is undoubtedly on the right track, making the necessary decisions to revive the economy, attract foreign direct investment, and stimulate domestic investment. The ultimate goal is to promote full economic growth, create jobs, and ensure inclusivity for women and young people.
$1.5 Billion World Bank Loan on the Horizon
Edun further disclosed that the World Bank is in the final stages of releasing a $1.5 billion loan to Nigeria. This loan has been in the pipeline for some time and will provide critical financial support to the country. Given the prevailing high global interest rates, the Federal Government is determined to focus on initiatives that secure financing on reasonable terms.
Edun elaborated, “On the talks with the World Bank on $1.5 billion budget support, that is correct. The World Bank is the number one multilateral development bank helping developing countries fund projects and programs. It has concessional financing options with effectively zero interest rates. Therefore, there is no stigma associated with securing World Bank funding for development.”
While acknowledging the difficulty of the reforms and their impact on the lives of Nigerians, Edun assured the public that the government is acutely aware of the pain caused by these changes. He emphasized that various interventions have been rolled out in recent times and that things should gradually improve. Initiatives include increased food production, the release of fertilizers, the rise of CNG (compressed natural gas) transportation, and the adoption of conversion kits by the private sector.
Edun’s statements convey a message of hope and progress for Nigeria, positioning the country as an attractive destination for foreign investment and showcasing the commitment to improving the lives of its citizens.