Under President Bola Tinubu’s leadership, Nigeria’s economy is flourishing, according to Minister of Finance, Wale Edun, who highlighted the nation’s remarkable $55 billion in non-oil exports last year.
When Edun briefed the media on Tuesday about President Tinubu’s meeting with the council of states in the State House in Abuja, he provided this information.
Edun highlighted that there is a trade surplus as a result of the increase in exports, indicating that both domestic and foreign investors are progressively coming back to the economy.
According to Edun, investors are generating a lot of opportunities in the economy, especially in the infrastructure sectors, despite the high rate of inflation.
“In broad terms, the economy is growing. The balance of payment in particular. The trade balance and the current account balance are in surplus. The exchange rate is stabilizing. The inflation though uncomfortably high for the liking of Mr. President and his team, it is slowing and set to fall.”
“Foreign investors, domestic investors who are participating in important private-public partnership, particularly in infrastructure sector. Foreign direct investment is beginning to recover, I will say. On that basis, we reported in particular the opportunities for the economy to stabilize.”
“We identify in the meeting that we have non-oil export at $55 billion last year with tremendous room to grow,” Edun explained.
Focus on the Service Sector
Furthermore, Edun stated that to give young Nigerians job possibilities, the government is placing a strong emphasis on the service industry.
He said that the internet and phones allow the younger generations working in this field to outsource their abilities.
The Minister claims that to lower the high cost of living brought on by growing inflation, the government would keep bolstering the economy through a variety of calculated initiatives.
“In particular, we identify that young Nigerians can supply services such as software, accountancy, and computer services. These Nigerians are staying in Nigeria and providing services via the internet and phone. We placed a significant emphasis on outsourcing.”
“To put it briefly, we reported that good progress was being made and that efforts will continue to ensure that the interventions to ameliorate the high cost of living for individuals, small businesses, and the agricultural sector are carried out,” Edun continued.
What to note
Crude oil production has been a major contributor to Nigeria’s exports for more than 40 years, accounting for 85 to 90% of the nation’s overall export earnings.
The government has undertaken some programs to increase non-oil exports, but the outcomes have fallen short of expectations. Nigeria’s economy is heavily dependent on imports since it mostly exports raw resources while importing completed commodities.
The nation’s foreign exchange profits are severely strained by this dependence, which periodically causes the value of the local currency to decline.
Nonetheless, the nation reported an amazing N6.2 trillion trade surplus in the first quarter of 2024, pointing to an increase in exports.
