Nigerians and investors have been reassured by President Bola Tinubu that there is an ongoing initiative to increase the nation’s foreign exchange liquidity.
The country was expecting inflows of roughly $10 billion in the near future, according to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, which would help to clear foreign exchange backlog and stabilise the naira.
Speaking on Monday at the 29th Nigerian Economic Summit in Abuja, Tinubu acknowledged the difficulties the business community was having in the financial markets and gave them the assurance of more foreign exchange liquidity to regain market confidence.
Read Also: APC Mocks PDP, Says Court Case Are Won On Credible Evidence
He also emphasised the administration’s commitment to improving governance by building a culture and structure in the public and civil service that is focused on performance and results.
The President outlined the eight priority items of his administration to include ending poverty, achieving food security, economic growth and job creation, access to capital, inclusivity, security, fairness and rule of law, and anti-corruption.
He mentioned several measures introduced by his government to resuscitate the economy, such as the N5bn intervention to support small businesses and the agriculture sector, and also announced upcoming initiatives, including a new student loan programme and consumer credit schemes.
He emphasized the importance of a collaborative relationship between the government and the private sector, citing the success of public-private partnerships in transforming Lagos State.
The President expressed his readiness to deliver on his promises to Nigerians and called on the private sector to join him in this endeavor.
On clearing the FX backlog which has drained investor confidence, the president said, “All foreign exchange future contracts will be honoured by this government.”
“I assure you we have a line of sight to the foreign exchange we need to refloat this economy. And we will get it.”
