Highlight

Nigeria’s economy moving in right direction, says Finance Minister Edun

"There is a good sign of recovery, and the economy is moving in the right direction"

756

Nigerians are already benefiting from the economic reforms of President Bola Tinubu’s economic team, Minister of Finance Wale Edun has said.

The Minister of Finance stated this on Tuesday from Washington, DC, the venue for the Spring Meetings of the World Bank Group and International Monetary Fund.

Edun announced that the county’s economic team is at the meeting to showcase the economic gains of the Bola Tinubu administration and encourage investors to come to the country.

The minister said the government was prioritising domestic investment, pointing out that “Nigerians investing in the Nigerian economy and foreigners who want to add value to the country are welcome.”

He said:”The economic team of President Tinubu is here to showcase the reforms and gains of this administration and also to get foreign investment to stabilize and grow the economy.

“You can see what is happening in terms of stabilizing the exchange rate; despite the high inflation, the numbers show that the economy is moving in the right direction.

“If you look at the numbers released by the National Bureau of Statistics on Monday, there is a slowing of the rate of increase in food inflation; things are moving in the right direction.

“Government revenues are up, and oil revenues are up, though not as much as we would like.

“There is a good sign of recovery, and the economy is moving in the right direction. Much more is needed for us to achieve the goal of Mr. President, which is growing the economy and reducing poverty.”

Persecondnews reports that the Nigerian naira appreciated significantly against the US dollar throughout March 2024, marking a major turnaround for Nigeria’s exchange rate policy.

On the last trading day, the naira closed the month at N1309/$1, up from N1595.11/$1 at the end of February 2024, according to official figures.

This 21.8% gain points to the success of several forex policies, strategies, and interventions by the Central Bank of Nigeria (CBN), all aimed at stabilizing and strengthening the national currency.

The gains in the official and parallel markets are the largest seen in over 5 years.

Before now, the exchange rate fluctuated between N450/$1 for nearly two years and N380/$1 from 2020 to early 2021.

 

Leave a comment

Related Articles

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Nigerian youths essential to repositioning Africa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to youth...

Just in: Simon Ekpa ‘ll be extradited to Nigeria to face charges – Defence Headquarters

The Nigerian Defence Headquarters, Abuja, has announced plans to extradite Simon Ekpa,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic...

Sacked UNIZIK VC Odoh to Tinubu: You can’t fire me through press release

Sacked Vice-Chancellor of Nnamdi Azikiwe University (UNIZIK), in Awka, Anambra State, Prof....

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...

Exclusive: Eguavoen Opens Up on Declining NFF Contract Extension, Reveals Reasons

Super Eagles Coach, Austin Eguavoen, has revealed why he declined the Nigeria...

Boost for Nigeria’s Oil Production As NNPC’s Utapate Crude Grade Hits Global Oil Market

In a major boost for Nigeria’s crude oil production, revenue generation, and...

Just in: FG sacks varsity Pro-Chancellor for misconduct

The Minister of Education, Dr. Tunji Alausa, has announced the removal of...

Just in: INEC presents Certificates of Return to Ondo Gov. Aiyedatiwa, deputy

The Independent National Electoral Commission (INEC) has presented Certificates of Return to...

Breaking: Senate sacks Danladi Umar, Code of Conduct Tribunal chairman  

Following proven allegations of gross misconduct and unacceptable behaviour, the Senate on...

Just in: South Africa takes over G20 Presidency from Brazil, first African nation to lead the bloc

South Africa has taken over the presidency of the G20 from Brazil,...

Tinubu submits 3 INEC REC, federal commissioner-nominees for Senate’s approval

President Bola Tinubu has sent the name of Ondo Resident Electoral Commissioner,...

Just in: After a night in custody, DSS in Ogun releases Ladi Adebutu

Mr. Ladi Adebutu, the 2023 People’s Democratic Party (PDP) governorship candidate in...