The Federal Government of Nigeria seized the opportunity at the ongoing G24 meeting in Washington, D.C., to showcase investment opportunities in the country, particularly in the infrastructure and manufacturing sectors.
Ben Akabueze, Director-General of the Budget Office, delivered the presentation on behalf of Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Addressing fiscal challenges and outlining Nigeria’s strategy to address them, Akabueze emphasized the importance of achieving debt sustainability while expanding budgetary space to accommodate growing public expenditure.
He underscored the role of investment and increased trade in tackling Nigeria’s economic issues, highlighting significant opportunities in infrastructure development.
Akabueze acknowledged the helpfulness of Official Development Assistance (ODA) but stressed its insufficiency in sustainably addressing Nigeria’s complex challenges.
He reiterated the crucial role of concessionary debt and support, particularly in addressing foreign currency supply issues that impact the exchange rate.
Regarding inflation concerns, Akabueze expressed optimism, anticipating a peak soon, with a reversal trend expected in the second half of the year.
He also noted the stabilization of the exchange rate and the convergence of parallel and foreign exchange market rates, which he believed inspired greater confidence among domestic and foreign investors.
“Investment and increased trade are essential for Nigeria to effectively tackle its economic challenges,” Akabueze noted, highlighting the country’s need to address fiscal challenges while encouraging investment and trade to drive economic growth.
He also declared that Nigeria’s determination to navigate its fiscal challenges and create an environment conducive to investment and economic development is on course.
