“We are here to
emphasise what has been done so far. We’ve all seen what has happened in terms
of stabilising the exchange rate and inflation. Though it’s still ticking up,
it’s headed in the right direction,” the minister said.
“If you look closely at the numbers that came out yesterday,
you’ll see that there is a slowing of the rate of increase of food inflation.
So things are moving in the right direction. Government revenues are up, even
oil revenues are up not as much as we would like.
“So we’re here to present what the President has done so far
and give an indication of what is to come. And I think also to give a sense of
the optimism that is really the mood in Nigeria right now.
“What is next is what
matters most and there is still a long way to go. We have seen some good signs
of recovery, good signs that we’re going in the right direction, but there is
much more needed before we get to achieving the real goal of Mr. President, which
is growing the economy and reducing poverty.
“For that we need resources. We’re here to sit around the
table with financiers. multilaterals that have chief financing, grand financing
even bilaterals as well as to encourage investors.
“The important thing about these conversations is that the
world is watching and a lot of investors take their cue from the kind of
reactions and statements that come out from these types of gatherings.
“So as you’ve noticed, there have been very positive
statements made about the progress made given the types of policies that have
been implemented so far to come and invest in Nigeria.
“And we always emphasise the interest is in domestic
investment. Nigerians investing in the Nigerian economy, as well as of course
foreigners who want to invest and add value are welcome.”
Meanwhile, Nigeria’s inflation rate rose to 33.20 percent in
March — up from 31.70 percent in February.
On the other hand, food inflation reached 40.01 percent in
March, an increase of 15.56 percent points higher compared to the 24.45 percent
rate recorded in the same month last year.
However, on a month-on-month basis, food inflation rate in
March was 3.62 percent — which shows a 0.17 percent decrease compared to the
3.79 percent rate recorded in February.
Also, the naira appreciated against the dollar in less than
two months, moving from about N1,900 per dollar on February 21 to N1,100/$ on
April 13.
During the same period, the local currency, at the official
window, recovered to N1,136.04/$ per dollar, from N1,551.24/$.
‘LOWER FINANCING CHARGES FOR AFRICAN
COUNTRIES’
Speaking further, Edun who is also the head of the African
finance ministers said the continent wants “a better deal” from the
multilateral institutions.
He also said Africa looks forward to receiving lower
financing charges and more resources.
“For instance, when you look at climate change, when you
look at global warming, Africa accounts for maybe 3 percent or less of the
world’s global warming yet, Africa suffers from the effects of climate change
much more disproportionately, and therefore, it is looking for much more help
in that direction, much more resources being provided,” Edun said.
“And essentially at
the end of the day, much more help for the smaller countries, the coastal
countries that are suffering so much from flooding, and other effects of
climate change.
“So really, Africa is here for a better deal from the world
economy and from the managers of the world economy.”
In October 2023, Edun was appointed to chair the African
Governors’ Forum of the World Bank.