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Nigeria Seeks to Bolster Trade and Investment Ties with G-24 Nations

The Nigerian government has called for increased investments and trade partnerships with member countries of the Group of Twenty-Four (G-24). This appeal was made during the World Bank-IMF Spring Meetings in Washington, D.C., by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by the Director-General of the Budget Office of the Federation, Mr. Ben Akabueze.

Established in 1971, the G-24 is an intergovernmental group of developing nations that collaborate to coordinate their positions on international monetary and development financing issues.

In a statement issued by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Danjuma, on Thursday, the Minister highlighted the government’s implementation of various intervention programs and robust policies under President Bola Tinubu’s administration. These measures have reportedly begun to yield positive results, notably reducing the disparity between the parallel market and the official Nigerian foreign exchange market rates.

Edun emphasised Nigeria’s advantageous position to attract foreign investments across diverse sectors, including manufacturing, agriculture, and oil and gas. Responding to a query from a Russian journalist, he pointed out that the last significant investment from Russia was the Ajaokuta Steel Company.

He also noted Nigeria’s vast arable land, second only to Brazil, suggesting that the country has the potential to become a major food exporter rather than an importer. Addressing the operations of the Dangote Refinery, the minister defended the strategy to prioritise meeting domestic petroleum product demands before considering exports, questioning the rationale behind exporting refined products while the nation continued to import them from Europe.

Furthermore, Edun assured that the capital component of the 2023 supplementary budget would continue to be executed until June, reflecting the government’s commitment to impactful development across various sectors. He also confirmed that the 2024 budget is being implemented as planned, promising improved welfare for citizens.

The statement underscores Nigeria’s proactive steps towards economic repositioning and its openness to international collaboration for mutual growth and stability.

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