The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who was just recently appointed the Chairman of the African Governors’ Forum of the World Bank yesterday, said Nigeria has now become the first consideration for foreign investment following the positive response to the reform measures introduced by the Federal Government. The Minister disclosed this while briefing the press on highlights of Nigeria’s participation in the just concluded Annual Meetings of the World Bank/International Monetary Fund, IMF, in Marrakesh, Morocco. The World Bank appointed Mr Edun as the Chairman of the African Governors’ Forum. According to a statement on the Ministry of Finance’s X page, the ministry noted that Edun’s appointment makes it the first of such for Nigeria.
During the weeklong meetings, the World Bank and International Monetary Fund (IMF) commended the decision of the FG to remove fuel subsidy, unify exchange rates in the official forex market as well as the removal of foreign exchange restrictions on 43 items.
Edun said as a result of these commendations, Nigeria is now at the forefront of consideration for foreign investment in the international community.
“There have been many conversations and as I said earlier, the narrative is that with the bold courageous steps that Nigeria has taken, the narrative is that we are now at the forefront, almost number one on people’s list when they want to look at where to invest,” he noted.
“That is the narratives and I am sure if you have been around through this week, you would have picked it up. There is more to be done but Nigeria is definitely on the right path, that we have taken the right decision for the economy to recover and for it to attract foreign direct investment and as well I will add domestic investment in order to recover full economic growth, job creation and at the same time achieve inclusivity of women and young people.
“That is the opportunity we have had, not so much to stand in front of people and showcase but that they get the opportunity within this environment to understand even more clearly what has been done.”
Mr. Edun also said he canvassed for a reduction in the cost of borrowings at the International Monetary and Finance Committee (IMFC) meeting.
IMFC is the bridge between the 24-member resident executive board of the IMF and the board of governors representing the 185 nations in the IMF.
The minister said he emphasised the need for a robust framework that would reduce the cost of borrowing and improve global liquidity for the purpose of settling the balance of payment and fiscal crisis.
He highlighted the impact of longer interest rates on debt service burdens and capital flow reversals.
“I urged for continued multilateral cooperation to tackle debt challenges which supports the G20 Common Framework and the Global Sovereign Debt Roundtable,” the minister said.
