The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the government is working to improve the economic and investment climate in Nigeria to attract more multinationals.
In a recent interview on Channels Television’s Sunday Politics program, Edun explained that the lack of a liquid foreign exchange market was a major impediment for multinational companies exiting the country.
“Now, we have a willing buyer, willing seller foreign exchange market. It is elevated, maybe not at the levels we would like it to be but it is when you get inflation down that you can stabilize the exchange rate and even get it coming down similarly with the interest rate. That fight is on. It is an improved environment for them, for big investors as a whole,” Edun said.
The minister also highlighted recent executive orders signed by President Bola Tinubu, which have improved the investment climate for gas, a resource Nigeria has in abundance.
Edun emphasized the government’s aim to not only retain existing multinational companies but also attract more investments.
“Companies will always come and go, of course, our aim is to not only keep them but to have them even more coming to invest, and we are sure that with the environment that we put in place, they would come,” he stated.
The minister also mentioned a proposal for an Economic Stabilisation Package before the President, aimed at making things easier for both local and foreign manufacturers operating in the country.
Despite the current economic challenges faced by Nigeria, including the government’s policies of petrol subsidy removal and unification of forex windows, Edun expressed optimism about the direction of travel towards improvement.
“We are in a difficult place but the direction of travel is and it’s towards improvement. So, every single day, every single month, we are looking at an improved economic situation for Nigeria,” he concluded.