Finance Minister Edun seeking global capital at G20 summit

by MMC
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Wale Edun, Minister of Finance and Coordinating Minister for Economy, briefed investors at the just concluded G20 Summit in India on the huge investment opportunities in Nigeria in a bid to attract more capital into the country .

Speaking on the sidelines of the summit on Nigeria’s outlook and commitments towards building a stronger, sustainable and resilient economy, Edun said obstacles that had repelled investments were being overcome under the President’s administration Tinubu.

“Our goal is to attract global capital and promote foreign direct investment, which underlines our commitment to job creation, economic diversification and increased incomes,” he said. declared. “Nigeria is an attractive destination for business. It is full of opportunities in different sectors.

The main macroeconomic obstacles to the stability of the exchange rate, inflation, interest rates, as well as liquidity and financing obstacles are now being removed, he said.

He also explained to them how the current government is showing commitment to including women and youth in what is happening in the economy and having them play their own role.

Read also: G20 Summit: Countries agree to accelerate progress towards SDGs

“But it is clear that for those who wish to invest, the playing field has been leveled; it has been cleared of debris and the opportunity is now there, you can seize it,” Edun said.

As the leading forum for international economic cooperation, the Group of Twenty (G20) plays a vital role in leading the global economy through the significant challenges it faces.

The group brings together the world’s major systemically important economies. Its members represent 85 percent of global GDP, 75 percent of international trade and two-thirds of the world’s population.

Members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, European Union. Union and now the African Union.

Nigeria’s first-ever participation in the G20 meeting as a guest is already seen as recognition of its growing influence on the global stage.

Last week, while attending the summit in New Delhi, the Indian capital, President Tinubu welcomed a number of commitments from Indian investors amounting to around $14 billion.

“Nigeria is ready to give you the best possible returns on investment, there is nowhere like our country. Nigeria offers the best returns on investment today, so invest now,” Tinubu said in a statement.

Read also: G20 Summit: Nigeria’s participation, a recognition of growing global influence-Tugger

Some of the investment pledges came from Indorama Petrochemical Limited, which pledged a fresh investment of $8 billion to expand its fertilizer production and petrochemical facilities in Eleme, Rivers State.

Jindal Steel and Power Limited, one of India’s largest private steel producers, also pledged to invest $3 billion in Nigeria, following discussions with Tinubu on the sidelines of the summit.

Others include Jitender Sachdeva, the founding chairman of SkipperSeil Limited, who also announced that he would invest $1.6 billion in setting up twenty 100 MW power generation plants in the Northern States, which represents 2,000 MW of additional energy over the next four years.

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