Investors, rating agencies positive about Nigeria, says Edun.

Investors, rating agencies positive about Nigeria, says  Edun.

Development finance institutions, investors and rating agencies are excited with the handling of the economy by the President Bola Ahmed Tinubu administration, Minister of Finance/Coordinating Minister for the Economy, Mr. Wale Edun, said yesterday.

He broke the news to reporters on the sidelines of the ongoing International Monetary Fund (IMF) and World Bank meeting in Marrakech, Morocco.

The minister had earlier met with officials of SCB Rating Advisor, Fitch, Moody’s and Standard and Poor’s to intimate them of the government’s economic programmes.

Speaking to the outcome of the meetings, Edun said the administration was taking necessary steps to reduce poverty and improve the lives of all Nigerians, and that the tough decisions being made by the president are being well-received.

He stated that the Nigerian delegation’s presence at the World Bank/IMF meetings, where they were able to gauge the opinions of various stakeholders, including development finance institutions, private bankers, investors, analysts, and rating agencies shows that these groups are happy with the government’s decisions.

Edun said: “Our wish is to grow the Nigerian economy to reduce poverty, make life better for all Nigerians, which is the determination of President Tinubu, and indeed his whole administration. I think we are laying the groundwork for achieving that.

“He’s making the tough decisions and the reception is very positive. We’re here at the World Bank/IMF meetings and so we get a sense of what the whole world thinks, because here you have the development finance institutions, but also you have the private bankers, you have the investors, you have the analysts, you have the rating agencies, and the reaction from one and all so far is very positive.”

The minister confirmed that Nigeria has been elected the next chair of the African Caucus and Governors’ meeting for next year.

“What this means”, Edun stated, “is that Nigeria has the leadership of the African Governors Forum within the World Bank group.

“It is Nigeria that will help to set the agenda and push the case, for instance, for a third member of the Board of governors from sub-Saharan Africa.

“There are two from Africa currently, and we think the third one should come from sub-Saharan Africa, so that we have a bigger voice in the governance. We have more representation in the board of the World Bank group than the IMF’.

On debt forgiveness, Edun argued that the real issue is not the debt itself or forgiving it, but rather the perception and narrative surrounding Nigeria.

According to him, there is a positive and optimistic attitude towards Nigeria, particularly from investors.

The minister said: “Nigeria is seen as having a strong economy, a large population, and abundant resources. After China and India, Nigeria is considered to be one of the most attractive investment destinations. However, in order for Nigeria to fully benefit from this interest, it needs to be prepared to attract and accept investment”.

“This would involve focusing on sectors such as agriculture, solid minerals, industry, manufacturing, and import substitution.

“Ultimately, both foreign direct investment and existing investors have an interest in contributing to Nigeria’s economic growth and development.” 

Credit:The Nation Newspaper.