Business

FG Seeks Higher Investments, Increased Trade From G-24

Published

1 year ago

April 18, 2024

Joel Ajayi

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 tranquility to the tempestuous foreign exchange market.

The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, made the request at the ongoing World Bank-IMF Spring Meetings holding in Washington DC.

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.

Edun said that Nigeria was well positioned to attract investments in various sectors such as manufacturing, agriculture, oil and gas, amongst others.

While responding to a question from a Russian journalist on areas of cooperation between the two countries, the Minister said that the last major investment of the Eastern European nation in Nigeria was the Ajaokuta Steel Company, which currently lies prostate over large sprawling greenfield.

He informed further that apart from Brazil, there is no country in the world with as much arable land as Nigeria, as such, the country should be a net exporter of food and not an importer.

Edun also justified the decision for the Dangote Refinery to work on meeting local demands of petroleum products before eyeing export markets.

Does it make a meaning that domestic demand is not yet met and a company refines products and exports, while Nigeria goes and imports the same products from Europe? he queried.

The Minister added that local refining would be encouraged until indigenous demand has been fully met, and then the nation can export products as well as earn foreign exchange from such exports.

On budget implementation, he said that the capital component of the 2023 supplementary budget was still being implemented and would run until June due to government’s determination to make impacts in various sectors.

The Minister added that the 2024 budget was being implemented as planned, assuring that the citizens would be better for it.

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Business

Ministry of Arts, Culture and Creative Economy Presents Budget Performance Report to National Assembly

Published

11 hours ago

June 19, 2025

The Gleamer

Joel Ajayi

The Ministry of Art, Culture, Tourism and Creative Economy has presented its budget performance report to the National Assembly, highlighting the ministry’s achievements, challenges, and future plans.

The report which was presented to the House Committee on Art, Culture and Creative Economy on Wednesday, detailed the ministry’s efforts to promote Nigeria’s cultural heritage, support the growth of the creative industry, and drive economic growth.

The ministry’s initiatives include developing a robust intellectual property policy, investing in infrastructure, and fostering collaboration with stakeholders.

The ministry’s budget performance presentation which highlighted its eight-point plan, initiatives such as Nigeria Destination 2030, skills development, policy frameworks, intellectual property protection, strategic partnerships, growth targets, digital transformation, and cultural heritage preservation was given a thumbs up by the House committee.

During the presentation, the minister, Barr Hannatu Musa Musawa highlighted the challenges faced by the ministry, including limited resources and infrastructure. Despite these challenges, she said that the ministry has made significant progress in promoting Nigerian culture and supporting the creative industry.

Musawa also emphasized the importance of collaboration and partnership in driving the growth of the creative industry.

“We cannot do this alone. We need to work together with stakeholders, including industry experts, international partners, and the National Assembly, to drive economic growth and job creation”.

The minister explained that the ministry’s initiatives are expected to have a significant impact on the creative industry, generating revenue, creating jobs, and promoting Nigerian culture globally. She stated that the ministry is also exploring ways to develop infrastructure, including a physical Bollywood-style destination, and creating a streaming platform to showcase Nigerian content.

“The ministry has also secured a grant from the French treasury to support infrastructure development, and is working to leverage international partnerships to drive growth in the creative industry” the minister said.

Earlier, the Permanent Secretary of the Ministry Dr Mukhtar Yawale Muhammed, MFR, mni. highlighted key achievements and budget performance in the sector as well as the ministry’s GDP contribution to the economy, tourism revenue accrued, and project implementation.

The Chairman, House Committee on Art, Culture and Creative Economy Hon. Gabriel Saleh Zok commended the ministry’s initiatives and expressed the Committee’s commitment to support the growth of the creative industry.

“We are here to access your budget performance and ensure effective utilization of funds appropriated. We expect to have a closer working relationship with the ministry”.

The interaction with the House Committee members provided insights into the Ministry’s efforts to drive economic growth and development through strategic initiatives and project implementation.

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