The macroeconomic environment in Nigeria is now stable and investor-friendly, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has said.
He also expressed confidence that the economic reforms of the government had laid the foundation for local investment that would bring about industrialisation and lift citizens out of poverty.
Edun stated this at the opening ceremony of the 2024 conference for the National Council on Finance and Economic Development held at Dr Sulaimanu Adamu Square, Bauchi government house on Monday.
He said Nigerians should be encouraged that the country now has a more sustainable microeconomic environment that is friendly to investors.
The minister who expressed appreciation to Bauchi State Governor, Bala Mohammed, for hosting the conference, said, “What goes on in this formal conference is very important because conversations will take place which would clarify things, build trust and confidence between individuals.
“Our understanding of each other’s situation, of each other’s financial and economic needs and even the resources and potential they possess and available, the skills, specialization that is on the ground.”
He maintained that the conference would further lead to an understanding of what to offer individually and collectively that would allow it to fulfill the country’s potential.
Edun said, “President Bola Tinubu’s administration inherited the assets and the liabilities and there was no looking back but it’s a question of charting a way of looking forward and making plans in order to first of all stabilize the economy.
“Then get investments through private sector investors both domestically and foreign direct investors to increase the productivity of Nigeria, grow the economy, create jobs and of course move a large number of people out of poverty.
“When you try to look at where we are now, essentially, the major macroeconomic reforms are in place. The President has stopped the bleeding that was costing five per cent of the GDP of the country every year that was adding no value except to a few people and, of course, neighbouring countries that were benefiting from what was happening with the fuel subsidy, and as well, a related foreign exchange subsidy.
“The benefits were saved for just a few and a mass of Nigerians were not getting any benefits from those structures.”
The minister went further to state that “the road is clear for private sector investors and as we know, we are now back in business on the road to industrialisation based on what is happening in the petroleum refining sector.
“Crude oil is not just being shipped abroad, it’s being refined locally to give petroleum products and raw materials for industry. We should be encouraged that we have a more stable, sustainable macroeconomic environment that is friendly to investors that will make it possible not only for them to produce competitively for the domestic market but also to export.”
In his remarks at the occasion, Mohammed expressed delight that 17 years later Bauchi state is hosting the historic event.
He said, “It is a privilege and has proven the importance of collaboration in addressing the economic challenges and opportunities before us. 17 years ago, Bauchi state hosted the same conference which was widely regarded as successful and impactful.
“This year, I assure you that we have spared no efforts to ensure that this gathering surpasses expectations. Your presence is a testament to your commitment to advancing Nigeria’s financial and economic landscape.”
He urged all the participants to contribute constructively to the benefit of all Nigerians.
