By Abiola Olawale
The Minister of Finance, Wale Edun, has revealed that the absence of a well-functioning foreign exchange market significantly contributed to the departure of some multinational companies from Nigeria.
The minister, who spoke with the press, said during the past administrations, multinational companies were unable to access foreign exchange, a situation which majorly impeded their operations in the country.
According to him, the administration of President Bola Tinubu has been able to address the situation significantly by establishing a willing buyer, willing seller foreign exchange market.
He said: “One of the major drawbacks, one of the major impediments for them (multinationals) was, they did not have a liquid foreign exchange market.
“Now, we have a willing buyer, willing seller foreign exchange market. It is elevated, maybe not at the levels we would like it to be but it is when you get inflation down that you can stabilise the exchange rate and even get it coming down similarly with the interest rate. That fight is on. It is an improved environment for them, for big investors as a whole.”
Edun added that the recent executive orders signed by Tinubu have improved the investment climate for the gas sector, which Nigeria has in abundance.
“Companies will always come and go, of course, we aim to not only keep them, but to have them even more coming to invest, and we are sure that with the environment that we put in place, they would come,” Edun said.
While acknowledging current economic challenges, the minister expressed optimism about the country’s economic future, stating that the government is working tirelessly to create a conducive environment for investors.
“We are in a difficult place but the direction of travel is and it’s towards improvement. So, every single day, every single month, we are looking at an improved economic situation for Nigeria,” he said.
