By Francesca Hangeior.

The Federal Government of Nigeria has expressed confidence that President Bola Tinubu’s economic reforms have laid the foundation for local investments that will drive industrialisation and lift citizens out of poverty.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this statement at the opening ceremony of the 2024 National Council on Finance and Economic Development conference, held at the Dr Sulaimanu Adamu Square, Bauchi Government House, on Monday.

Edun noted that Nigerians should be encouraged by the fact that the country now has a more sustainable macroeconomic environment, one that is friendly to investors.

The minister, who expressed profound appreciation to Bauchi State Governor Bala Mohammed for hosting the conference, added: “What transpires in this formal conference is very important because conversations will take place that will clarify matters and build trust and confidence among individuals.”

He continued, “It is vital to understand each other’s situations, financial and economic needs, available resources, and the skills and specialisations on the ground.”

He maintained that the conference would facilitate an understanding of what can be offered individually and collectively, enabling the country to fulfil its potential.

Edun further stated, “President Bola Tinubu’s administration inherited both the assets and liabilities, but there was no looking back. The focus was on charting a forward path, making plans to first stabilise the economy. Then, we sought to attract investments from both domestic and foreign private-sector investors to increase Nigeria’s productivity, grow the economy, create jobs, and, of course, lift a large number of people out of poverty.”

“When we look at where we are now, essentially, the major macroeconomic reforms are in place.”

“The President has stopped the bleeding that was costing 5 per cent of the country’s GDP every year. This was adding no value except to a few individuals and neighbouring countries benefiting from the fuel subsidy and related foreign exchange subsidy.”

“These benefits were reserved for just a few, while the mass of Nigerians saw no advantages from these structures,” he said.

According to him, these structures have been removed, and the federation account will benefit from the increased flow of resources to the federal, state, and local governments.

This will allow more investment not only in infrastructure but also in social services like education and health.

“The path is now clear for private-sector investors, and as we know, we are back in business on the road to industrialisation, particularly with what is happening in the petroleum refining sector. Crude oil is no longer just shipped abroad; it is being refined locally to produce petroleum products and raw materials for industry.”

“We should be encouraged that we now have a more stable, sustainable macroeconomic environment that is investor-friendly and will enable them to produce competitively for the domestic market, as well as for export,” he concluded.

In his remarks, Bauchi State Governor Bala Mohammed expressed his delight that, 17 years later, Bauchi State is hosting this historic event again.

He said, “It is a privilege and highlights the importance of collaboration in addressing the economic challenges and opportunities before us. Seventeen years ago, Bauchi State hosted the same conference, which was widely regarded as successful and impactful.”

“This year, I assure you that we have spared no effort to ensure that this gathering surpasses expectations. Your presence is a testament to your commitment to advancing Nigeria’s financial and economic landscape.”

He urged all participants to contribute constructively to the benefit of all Nigerians.