The Federal Government has called for increased investments and trading partnerships from member countries of the Group of Twenty-Four.
This appeal was made during the World Bank-IMF Spring Meetings in Washington DC by the Minister of Finance and Co-ordinating Minister of the Economy, Mr. Wale Edun, who was represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze.
Formed in 1971, the Group of 24 is an assembly of developing nations. Their collective aim is to collaborate in aligning their stances on issues related to international monetary policy and development financing.
In a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Danjuma, on Thursday, the Minister highlighted the Nigerian Government’s implementation of various intervention programmes and robust policies under President Bola Tinubu’s administration.
These measures have reportedly begun to show positive effects, notably reducing the disparity between the parallel market and the official Nigeria Foreign Exchange Market rates.
Edun emphasised Nigeria’s advantageous position to attract foreign investments in diverse sectors, including manufacturing, agriculture, and oil and gas. In response 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.
