• It’s patriotic to patronise made-in-Nigeria goods, digital infrastructure – Oyedele

Former Vice President of the World Bank, Dr Obiageli Ezekwesili, has said the administration of President Bola Tinubu has made progress in stabilising Nigeria’s economy, particularly in reducing volatility in the foreign exchange market.

This might have prompted the Minister of Finance, Taiwo Oyedele, to encourage the patronage of made-in-Nigeria goods and services, including digital infrastructure, describing it as a national duty.

Ezekwesili, who also served as Nigeria’s minister of solid minerals, attributed the relative stability in the naira to the government’s adoption of market-driven foreign exchange policies.

In an interview on News Central Television, the former minister said the administration recorded some success in restoring macroeconomic stability, describing it as an important development in efforts to address Nigeria’s economic challenges.

She, however, noted that the gains from the reforms had yet to translate fully into improved living conditions for many Nigerians, with the high cost of living continuing to mount pressure on households.

According to her, while progress in stabilising major economic indicators was important, the government must also prioritise policies that boost productivity, create employment opportunities and improve household incomes.

The former minister also stressed that inflation data and other economic indicators should not be viewed separately from the experiences of ordinary Nigerians.

Her comments come amid ongoing discussions over the impact of the Tinubu administration’s economic reforms, particularly the removal of fuel subsidies and the changes introduced to the foreign exchange regime.

The Federal Government has maintained that the reforms are necessary to rebuild the economy, attract investment and establish a more sustainable economic system.

IN his remarks during a visit to Galaxy Backbone in Abuja, yesterday, Oyedele stressed that President Tinubu “is intentional about driving and prioritising” made-in-Nigeria goods and services.

According to the finance minister, it is high time both public and private investors looked to made-in-Nigeria infrastructure for software, hardware and other digital services, as they cost less and offer better quality.

He stated: “One of the priority areas for the government’s growth is the digital economy, and both are connected. This is one sector where we don’t have much excuse. Therefore, as a country, we must be intentional in making that investment. Digital infrastructure is critical.

“As many of you would already be aware, the President wants us to drive this whole thing about buy Nigeria, make Nigeria, and everything about Nigeria. We’re just meeting before coming for these visits. It’s a classic cloud.”

On his part, the Managing Director of Galaxy Backbone, Prof. Ibrahim Adeyanju, said the government and private sector “cannot upscale” without connectivity and secure digital infrastructure.

He emphasised the need for sustained government and private-sector investment in digital infrastructure.

“Digital infrastructure requires sustained investment. Government cannot effectively digitise without connectivity and secure infrastructure. Businesses cannot scale without digital networks. Innovation, Artificial Intelligence (AI) and the digital economy cannot thrive without reliable infrastructure,” Adeyanju said.