The Federal Government of Nigeria on Tuesday in Washington D.C, presented investment opportunities in the country to foreign investors, specifically in the area of infrastructure and manufacturing sector.
Ben Akabueze, director-general, federal ministry of budget and economic planning said this at the meeting of G24 on the sidelines of the ongoing spring meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C.
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During a meeting of the intergovernmental Group of 24 (G24), Akabueze, who represented Wale Edun, minister of finance and coordinating minister of the economy, highlighted Nigeria’s fiscal challenges and outlined the country’s strategy to address them.
He underscored the importance of achieving debt sustainability while simultaneously increasing fiscal space to accommodate the growing burden of public expenditure, particularly in light of Nigeria’s sustained high population growth. He noted that while Official Development Assistance (ODA) remains helpful, it was not sufficient to address Nigeria’s complex challenges sustainably.
The director-general said Nigeria requires investment and increased trade to effectively tackle its economic issues. He pointed out significant investment opportunities, especially in infrastructure development, and noted that concessionary debt and support continue to play a crucial role, particularly in addressing foreign currency supply issues that exert pressure on the exchange rate.
Addressing concerns about inflation, Akabueze expressed optimism, stating that inflation was expected to peak soon, with a reversing trend anticipated in the second half of the year. He also highlighted the stabilisation of the exchange rate, noting the convergence of parallel and foreign exchange market rates, which he said was inspiring greater confidence among investors – both domestic and foreign.
Akabueze’s remarks underscored Nigeria’s commitment to implementing sustainable economic policies and attracting investment to foster economic growth and stability in the face of ongoing fiscal challenges.
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“While official development assistance is helpful, that’s not what’s going to sustainably address the scale of Nigeria’s problems. Nigeria requires investment and increased trade to effectively tackle its economic challenges.”
Speaking further, Akabueze said, “For Nigeria, we faced fiscal challenges but most significantly by getting debt-sustainable and at the same time increasing fiscal space for our ever-increasing burden of public expenditure, especially with sustained high population growth. So the most important support that Nigeria requires at this time is investment and increased trade.”
