Nigeria Seeks Investment Boost from G-24 Member Countries

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During the World Bank-IMF Spring Meetings in Washington DC, the Federal Government of Nigeria urged member countries of the Group of Twenty-Four (G-24) to boost investments and foster trading partnerships. The appeal was made by Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, represented by Mr. Ben Akabueze, Director General of the Budget Office of the Federation

In a statement released by the Ministry of Finance’s Director of Information and Public Relations, Mohammed Danjuma, the Minister highlighted Nigeria’s implementation of effective intervention programs and policies, particularly under President Bola Tinubu’s administration. These initiatives have contributed to narrowing the gap between parallel market and official exchange rates in Nigeria.

Mr. Edun emphasized Nigeria’s potential to attract foreign investments across key sectors like manufacturing, agriculture, and oil and gas. Responding to inquiries, he highlighted Russia’s historical investment in the Ajaokuta Steel Company and underscored Nigeria’s vast arable land, positioning the country for potential food export prominence.

The Minister defended the prioritization of domestic petroleum product supply by the Dangote Refinery, questioning the logic of exporting refined products while still importing from Europe. He assured continued execution of the capital component of the 2023 supplementary budget until June and reaffirmed the government’s commitment to implementing the 2024 budget for enhanced citizen welfare and national development.

The Federal Government’s proactive economic repositioning and openness to international collaboration underscore its efforts to achieve sustainable growth and stability, as emphasized during the G-24 meeting.


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