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Our goal is to restore investors’ confidence — Edun

By Kareem Azeez
17 January 2025   |   8:23 pm
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed optimism regarding the country’s economic recovery, citing increased investor confidence as a positive indicator. Ẹdun, in a recent African Business interview, noted the recent oversubscription of Nigeria’s Eurobond issue, which attracted $9.1 billion, surpassing the $2.2 billion target. "The oversubscription of our…
Wale

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed optimism regarding the country’s economic recovery, citing increased investor confidence as a positive indicator.

Ẹdun, in a recent African Business interview, noted the recent oversubscription of Nigeria’s Eurobond issue, which attracted $9.1 billion, surpassing the $2.2 billion target.

“The oversubscription of our latest Eurobond issue shows that Nigeria is regaining investor confidence,” Edun said.

He attributed the oversubscription to the government’s commitment to improving economic stability and transparency, noting significant strides in financial reforms.

The Central Bank of Nigeria’s introduction of the Bloomberg Electronic Foreign Exchange Matching System has improved price discovery and market predictability, Edun added.

“We’ve seen significant reductions in leakages and have worked hard to improve the regulatory environment,” he stated.

Nigeria’s foreign exchange reserves also showed improvement, reaching $42 billion by mid-December 2024.

Edun noted that this was supported by stronger crude oil production and increasing domestic refining capacity.

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He pointed out that these changes signal the country’s ongoing efforts to attract both domestic and foreign investments.

“Investors are looking for predictability and transparency,” Edun explained.

Edun underscored that investor inflows and remittances had strengthened Nigeria’s balance of payments and bolstered foreign reserves.

The recent success in the Eurobond market reflects a growing confidence in Nigeria’s economic direction.

“The oversubscription is a clear signal that Nigeria’s economic direction is aligned with investor expectations,” he said.

Looking forward, Edun stressed the government’s focus on further reforms in energy, infrastructure, and taxation to sustain investor confidence and foster economic growth.

“Our goal is to create an environment where both local and international investors can thrive,” he added.

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