Nigeria To Improve Trading And Investment With G-24
The Federal Government seeked increased investments and trading partnerships from member countries of the Group of Twenty-Four.
This was disclosed during the World Bank-IMF Spring Meetings in Washington DC by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, who was represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze.
Formed in 1971, the Group of 24 is an assembly of developing nations. They seek collaboration in aligning their stances on issues related to international monetary policy and development financing.
According to a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Danjuma, on Thursday, the Minister explained the Nigerian Government’s implementation of various intervention programmes and robust policies under President Bola Tinubu’s administration.
Edun highlighted more on Nigeria’s advantageous position to attract foreign investments in diverse sectors, including manufacturing, agriculture, and oil and gas. In response to a query from a Russian journalist, he pointed out that the last significant investment from Russia was the Ajaokuta Steel Company.
While speaking on the operations of the Dangote Refinery, the minister defended the strategy to prioritise meeting domestic petroleum product demands before considering exports. He questioned the rationale behind exporting refined products while the nation continued to import them from Europe.
Furthermore, Edun confirmed that the 2024 budget is being implemented as planned, promising improved welfare for the citizens.
The statement expressed the Nigeria’s proactive steps towards economic repositioning and its openness to international collaboration for mutual growth and stability.
According to the statement, “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 tranquillity to the tempestuous foreign exchange market.
“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.”