Finance Minister Wale Edun, has revealed that the country achieved a remarkable $55 billion in non-oil exports last year, a significant milestone that has contributed to a trade surplus.
He expressed optimism about the Nigerian economic prospects highlighting the role of non-oil exports in bolstering the economy, emphasizing their potential for further growth.
Speaking to the press after a meeting of the President with the Council of States, Edun noted that the policies of the administration has the the nation’s economy on an economic recovery path.
“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 stated.
Investor Confidence Returning
The Minister also underscored the growing confidence of both local and foreign investors in the Nigerian economy. He attributed this renewed interest to the government’s economic policies and the opportunities emerging in various sectors, particularly infrastructure.
“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,” Edun remarked.
Addressing Inflation and Creating Jobs
While acknowledging the challenges posed by high inflation, Edun assured Nigerians that the government is committed to addressing the issue. He revealed that the administration is prioritizing the service sector as a key driver of job creation, especially for young Nigerians.
“In particular, we identify that the service sector—such as software services, accounting services, computer services—which can be provided by young Nigerians. These Nigerians staying in Nigeria and providing services through the internet and telephone. Outsourcing was a big area we emphasized on,” the Minister explained.
Government’s Strategic Interventions
Edun outlined the government’s strategic interventions aimed at mitigating the impact of high inflation on the populace. These efforts include targeted support for the agricultural sector and small-scale businesses.
“In nutshell, we reported that there was good progress being made and efforts are going to continue to ensure that the interventions to ameliorate the high cost of living for individuals, agricultural sectors, small scale business,” he added.
If You Ask Me
While the Minister’s statements paint a positive picture of the Nigerian economy, challenges persist. The high inflation rate continues to erode purchasing power and affect the livelihoods of many Nigerians. Additionally, the government’s ability to sustain the current economic trajectory will depend on various factors, including global economic conditions, oil prices, and the implementation of effective policies.
Although headline inflation has abated by 0.79% in the month of July, good and correct inflation remains at a steady high, further biting the cost of living in the nation.
As the nation navigates these complexities, the government’s commitment to diversifying the economy, promoting non-oil exports, and creating jobs will be crucial in achieving sustainable economic growth and improving the living standards of its citizens.
