The Minister of Finance Addresses Foreign Exchange Challenges for Multinational Companies in Nigeria
During an appearance on Channels Television’s Sunday Politics programme, Minister of Finance, Wale Edun, discussed the impact of the lack of a liquid foreign exchange market on multinational companies operating in Nigeria. Edun highlighted how this issue led to some companies exiting the country.
He emphasized that the government has taken steps to address this challenge by implementing a willing buyer, willing seller foreign exchange market. The minister explained that improving inflation rates would stabilize the exchange rate and create a better investment climate for major investors.
Edun also mentioned the importance of recent executive orders signed by President Bola Tinubu to enhance the investment environment, particularly in the gas sector which Nigeria has in abundance.
Furthermore, the minister revealed plans for tax reform proposals aimed at simplifying the business environment for local and foreign manufacturers in an Economic Stabilisation Package.
Despite current economic challenges, Edun expressed optimism for Nigeria’s economic future, stressing the government’s commitment to creating a conducive environment for investors.