Nigeria Seeks Enhanced Trade and Investment Partnerships with G-24 Nations

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The Federal Government is urging increased investment and trade collaborations with member states of the Group of Twenty-Four (G-24) to bolster Nigeria’s economic growth and stability. This appeal was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during the World Bank-IMF Spring Meetings in Washington DC. Representing the minister, Mr. Ben Akabueze, the Director General of the Budget Office of the Federation, emphasized Nigeria’s commitment to fostering partnerships with fellow developing nations to address international monetary policy and development financing challenges.

Highlighting the implementation of intervention programs and robust policies under President Bola Tinubu’s administration, Edun emphasized Nigeria’s progress in reducing the disparity between parallel and official foreign exchange rates. He underscored Nigeria’s attractiveness for foreign investments across various sectors such as manufacturing, agriculture, and oil and gas, citing the nation’s vast arable land and potential to become a major food exporter.

Responding to inquiries, Edun defended Nigeria’s focus on meeting domestic petroleum demands before considering exports from facilities like the Dangote Refinery, questioning the logic of exporting refined products while still importing them. He reassured stakeholders of the government’s commitment to executing the capital component of the 2023 supplementary budget and ensuring the implementation of the 2024 budget for improved citizen welfare.

The statement reflects Nigeria’s proactive measures towards economic revitalization and its willingness to engage in international partnerships for mutual growth and stability. It emphasizes the significance of investment and trading relationships with G-24 countries in fostering a stable and thriving economy, echoing the government’s efforts to narrow the gap between parallel and official exchange rates through strategic policies and interventions.

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