Business
Edun Commends Outgoing World Bank County Director Dr Chaudhary, Lauds Organization’s impact On Nigeria’s Economy
Joel Ajayi no
The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has commended the outgoing World Bank Country Director, Dr. Shubham Chaudhari for his Significant Contributions to Nigeria’s Economic Growth.
At an event held in Abuja, hosted by the Honourable Minister in honour of the out-going World Bank Country Director, Mr Edun acknowledged the Organization’s crucial role in promoting socio-economic sustainability and enhancing Nigeria’s economic competitiveness.
He expressed appreciation for the remarkable achievements recorded during Dr. Chaudhari’s tenure and reaffirmed the country’s commitment to building on these accomplishments so as to further drive economic progress in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.
*We appreciate your tireless efforts towards the promotion of economic growth and development in Nigeria. Your leadership and expertise have made a significant impact on our country’s progress. Your dedication to supporting Nigeria’s development agenda is truly commendable.
“We are grateful for these contributions and look forward to continued collaboration. Your commitment to fostering inclusive and sustainable growth in Nigeria is inspiring. We appreciate your partnership and guidance in shaping our country’s future*, Edun said.
He informed that the hallmark of the present administration’s policy thrust that brought fiscal reforms was aimed at boosting the nation’s economic development with a view to attracting foreign investments so as to ensure job creation, poverty reduction and improved standard of living for the citizenry.
The Minister assured that Nigeria offers a wealth of opportunities for foreign investors, with a large and growing market, rich natural resources, and a skilled workforce. *We invite you to explore the possibilities and partner with us for mutual growth. Join us in harnessing the potential of Nigeria’s emerging economy. Our country offers a favourable business environment, investment incentives, and a dynamic market waiting to be tapped.
Mr Wale Edun invited the international community to discover the opportunities and advantages of investing in Nigeria.
“Our government is committed to creating a conducive environment for businesses to thrive and succeed. We are inviting the international development partners to come to Nigeria and invest their resources. Nigeria is a country with diverse business opportunities and market potentials for profit maximisation”, he stressed.
The Minister stated further that Nigeria would continue to be a development partner with the World Bank, and that the present administration was committed to championing a good cause as well as implement policies that would boost the country’s economy in order to make it more vibrant and resilient.
Edun further appreciated Dr Chaudhari’s tenure, which he said, underscores the importance of supporting and recognizing Nigeria, aligning with President Bola Ahmed Tinubu’s pragmatic leadership in providing good governance.
He added that the reforms initiated by the administration would serve as a window to the global investment community, stressing that Nigeria is open for business with stable and profitable benefits thereby calling on Philanthropists, both within and outside the country, to invest their resources in Nigeria, a country which he said, has the largest population in Africa.
Edun explained that *the disputable access to renewal energy recently launched was an indication to build trust, attract foreign investment, and foster international partnerships aimed at reinvigorating the Nigerian economy.”
Speaking during the event, Dr. Shaubham Chaudhari, the out-going World Bank Country Director, described the event as symbolic and strategic, saying that it would help build bonds in relationship trust. He commended Nigeria for its proactive measures and robust efforts in bracing up monetary policies and in fostering sustainable economic development despite the daunting challenges.
The out-going Director assured that his Organisation’s doors were widely open for more collaborations and partnerships for the country’s growth.
Earlier in her remarks at the event, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya assured that the Ministry will continue to provide an enabling environment for the full implementation of the policies, programmes and projects of the Federal Government in line with its mandate.
She appealed to the international community to support the efforts of the present administration in its determination to boost the country’s economy and further stressed the need for international partners to take advantage of the country’s diversity and invest their resources for maximum benefits.
*Nigeria offers a vast and untapped market, rich in natural resources and human capital. We invite you to explore the numerous investment opportunities and be a part of our growth story. Join us in shaping Nigeria’s future and tapping into the immense potentials of our economy. Together, let’s create a prosperous and sustainable tomorrow.**Nigeria is open for business. We welcome foreign investors to partner with us in unlocking our economic potentials and driving growth in key sectors.” Jafiya said.
Also speaking, the Permanent Secretary Special Duties, Mr Okokon Ekanem Udo, assured that the present administration was committed to putting and implementing projects that will impact on the lives of Nigerians in line with contemporary global realities.
He commended the outgoing World Bank Country Director, Dr. Shaubham Chaudhari for his commitment and dedication.
Thank you for your dedication and commitment. We are grateful for your unwavering support and guidance, which has helped us navigate complex development challenges and create a brighter future for Nigerians.* Udo said.
Business
Economy Stabilizing and Positioning for Growth, As FG Exits Ways and Means Borrowing Mechanism
Joel Ajayi
The Federal Government has disclosed that it has made significant strides in its economic reforms, well on its way to achieving a step-change in the revenues of the Federal government; closely in line with the budget for 2024. The Federal Government also announced its exit from the Ways and Means borrowing mechanism.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun stated this today in his office in Abuja during the half-year review Ministerial Press Briefing with the theme: *Economic Recovery and Growth: Progress and Prospects 2024.
He highlighted successes of the Government’s reforms, citing a projected budget deficit of 4% in the 2024 Fiscal Year. He also acknowledged the temporary hardships caused by the reforms but assured that Nigerians would soon benefit from the expected outcomes as the well coordinated economic policies of the Federal Government are beginning to yield results as shown in the slowing in the rate of growth of inflation, increasing foreign investments relative to the same period in the previous year, amongst other positive fiscal yardsticks that are being noted.
The Minister informed that one of the major priorities of the President Bola Ahmed Tinubu-led Administration in the immediate term is to reduce food prices and focus on providing all the necessary support to increase local food production, given the impact of high food prices on inflation. He noted that efforts are underway to achieve this goal.
Edun emphasized the President’s commitment to the welfare of ordinary Nigerians and the Government’s efforts to ensure transparency and accountability in its social protection initiatives including but not limited to the acceleration of the direct benefit transfer programme that has now been restarted following an initial pause of the programme to improve transparency in its delivery. He mentioned that, following the resumption of payments, over 600,000 households have already received this direct transfer this week.
As part of efforts to further improve foreign exchange liquidity and to showcase the resilience of the Nigerian financial system as economic stability takes root, the Minister also announced plans for the Federal Government to issue domestic USD denominated securities of up to US$500 million, in the first instance to attract investment from Diaspora Nigerians and Nigerians with savings held abroad.
Edun acknowledged the Supreme Court’s judgment on direct payment of federation allocations to Local Government Councils, and reiterated the Government’s commitment to implementing the judgement .
The Minister affirmed that with the outcome of the first half of 2024, indeed the Nigerian economy is turning the corner; and with macro-economic stability, the economy is being well positioned for sustained and inclusive growth that creates jobs, lifts millions out of poverty, and drives domestic and foreign investments that would improve the general well-being of the average Nigerian.
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