Tinubu Government Plans Diaspora Bond to Attract Funds, Targets N700/litre Diesel Price

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The Federal Government unveiled plans to introduce a Diaspora Bond aimed at enticing funds held abroad by Nigerians, with a target of reducing diesel prices to N700 per litre, revealed Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the wrap-up media briefing of the 2024 Spring Meetings of the IMF and World Bank.

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Edun emphasized the significance of remittances in boosting foreign exchange supply and investments within the country, highlighting the potential of the Diaspora Bond to attract funds from Nigerians residing abroad and foreign investors.

Furthermore, the Minister announced Nigeria’s qualification for a $2.25 billion World Bank facility, structured with favorable terms including a 40-year repayment period, a 10-year moratorium, and a nominal interest rate of approximately 1 percent. He emphasized that these financial arrangements would augment the country’s foreign exchange inflows.

In addition to engaging the international community to bolster economic confidence, Edun emphasized the administration’s commitment to fostering private sector-driven growth, job creation, and poverty reduction.

The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, disclosed the establishment of a task force to facilitate remittance flows, aiming to double remittance inflows through formal channels. Cardoso also highlighted the CBN’s focus on ensuring a stable and transparent foreign exchange market, despite anticipated market fluctuations.

Amidst challenges such as inflation and security concerns, the CBN remains committed to implementing policy reforms to address these issues and maintain economic stability.

The government’s strategic focus encompasses improving the ease of doing business, fostering economic inclusion, leveraging technology for financial accessibility, and sustaining a stable foreign exchange market. These efforts aim to fortify investor confidence and bolster Nigeria’s economic resilience.


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Charles Akpeji
Charles Akpejihttps://naija247news.com
Charles Akpeji has over 20 years experience in journalism and he is Naija247news Taraba Correspondent. He lives and works from Jalingo, the state capital.

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