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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"

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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.

 

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