Business
World Bank-IMF Spring Meeting: FG Showcases Progress of Nigerian Economy To Boost Foreign Investment
Joel Ajayi
As the World Bank-IMF Spring Meetings intensify in Washington DC, the Federal Government has assured that it will continue to showcase the progress made so far in the Nigerian economy in order to attract more foreign investment into the country with a view to improving on the lives of Nigerians.
The Honourable Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, gave the assurance in Washington when he granted audience to some newsmen.
He stated that the bold, courageous and strategic reforms of the Nigerian economy embarked upon by the President Bola Ahmed Tinubu-led Administration aims not only at stabilising the nation’s economy in order to boost foreign investment into the country but also to provide opportunities for job creation and poverty reduction.
The Minister informed that the economy is moving in the right direction as the policies put in place by the present administration have started slowing down food inflation.
Edun explained that both he, the Permanent Secretary of the Federal Ministry of Finance Mrs Lydia Shehu Jafiya, the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, and other key government officials are in Washington DC to showcase the progress made so far in the Nigerian economy.
*The Economic Team of President Bola Ahmed Tinubu is here to showcase the progress so far made of his bold, courageous and strategic reforms for the Nigerian economy in order to get it stabilised so as to attract foreign investment, create jobs for our people, reduce poverty and enhance our economic growth and development in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration*. *We have all seen what has happened in terms of stabilising the exchange rate and inflation, which is now heading in the right direction*, the Minister said.
He added that *If you look closely at the numbers that came out especially from Monday, you will see that there is a slowing of the rate of increase of food inflation, things are moving in the right direction, government revenues are up, even oil revenues are up but not as much as we will like. But I assure you that with our resilience, we will get there*, he concluded.
The Minister is attending the World Bank-IMF Spring meeting in Washington DC alongside the Ministry’s Permanent Secretary, Mrs Lydia Shehu Jafiya, some Directors and other government officials.
Business
Ministry of Arts, Culture and Creative Economy Presents Budget Performance Report to National Assembly
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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