Given that we are on a drive to increase investments both by Nigerians and foreigners, the World Economic Forum 2024 in Davos represents an opportunity to showcase what the government has done so far to stabilize the economy and attract investors
Nigeria’s Minister of Finance, Wale Edun while speaking with ARISE NEWS on Monday in Davos, said there is a need for the voice of Nigeria as a country to be heard.
He also said that the recent budget presented by President Tinubu will lead to an increase in capital expenditure and investment and will also reduce reliance on borrowing.
Edun also spoke on the steps that the country, being represented in the ongoing world economic forum in Davos, will take to attract investments that will help grow the economy.
“There is less trust I would say in government in particular, relative to even things like the private sector, the corporations. The government needs to do a lot to rebuild trust in Nigeria the Bola Ahmed Tinubu administration has had to take on some key reforms measures which is also in the bid to rebuild the trust of the people, particularly in terms of government expenditure, how people’s tax revenues, how the oil revenues and how the patrimony of the country is handled.
“I think some important steps have been taken in that direction and at the end of it all, apart from trying to implement very important measures, apart from trying to show empathy by trying to intervene on behalf of the poor and vulnerable, the president has also in recent times, attempted to further build trust of the people in governance by showing that he is limiting and trying to eliminate wasteful expenditures. He has cut the cost of governance; he has cut the cost of his own entourage and so on and I am sure that is one of the many measures to come.
“In Davos, of course we are talking to Africa, we are talking to the World and we are putting in front of the whole world and showcasing series of reforms that makes Nigeria an important destination for investment because at the end of it all, we are looking to grow the economy, create jobs and reduce poverty and that begins with the investment but you have to put in place, a stable macro-economic environment for investment and I think that is what has been happening in Nigeria since May that President Bola Ahmed Tinubu took over.
“Where we are now, if you look at the budget that has just been passed, it does reduce reliance on borrowing, it does reduce recurrent expenditure, it does increase capital expenditure which means investments, which means jobs. It does reduce the deficit, the prudence that the people of Nigeria need to see and fund investors need to see is in fact being demonstrated.”
Edun further said that the Tinubu administration is willing and committed to allowing private investment to maximize the resources, opportunities and grow the economy in order to reduce poverty.
“The mandate both from the national assembly and the executive is that much more efficiency should be achieved in terms of handling of government’s revenue, bringing it in and then spending it efficiently and the ministry of finance incorporated which is charged with managing the assets of the government has been given charge with marching orders to bring those assets in, rate them, value them and earn a return on them that will achieve the kind of surplus that will really make an impact on the budget, thereby further reducing the reliance on borrowing.
“We are doing all it takes to make sure we maximize our domestic resources, provide our own equity, and as you know, the budget does have an element of about 300 billion naira that is meant to be funding from the proceeds of privatization. I think it is an indication of a willingness and a commitment of the government to move out of the way and allow private investment to maximize the resources, opportunity and grow the economy and reduce poverty.”
Chioma Kalu
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