Wale Edun, minister of finance and coordinating minister of the economy, says the last time the foreign exchange (FX) rate was stable, and interest rates were affordable, was a decade ago.
Edun spoke about the state of the economy at a press briefing in Abuja on Friday.
He said a weak, depreciating exchange rate, as well as security concerns, resulted in an economy “that is not growing and that is not lifting our Nigerians out of poverty”.
“If we think back to when was the last time when the economy was stable, when it was growing, when inflation was low, when the exchange rate was stable, and when interest rates were affordable; that period was about a decade ago,” he said.
The minister said “economic growth was about 6 percent around 2013 to 2014”.
The increase, according to Ebun, was due to the worldwide commodity boom that began around 2010.
“Oil prices were high; volumes were high,” he said.
“Nigeria earned and the government earned into its coffers over $80 billion per annum, compared to the figure now of around $25 billion. So you can see the difference.
“And what that points to is that there was a time when government had enough foreign exchange. It had enough naira revenue to meet its obligations and to provide the funding for growth of the economy.
“It had enough foreign exchange such that when people came in to invest and they needed to import raw materials, import machinery, government could provide the wherewithal.”
‘GOVERNMENT SHOULD ALLOW PRIVATE FUNDING’
This, the minister said, indicates that if the government does not have the funds, it must facilitate and allow private funding.
He advised the government to accommodate other sources of funding, such as foreign direct investment, as well as domestic investment by Nigerians in all areas.
“And we saw some of that in Lagos. When Mr. President was governor of Lagos, he opened up the power sector to private investment, the road sector to private investment infrastructure, waste management, even cemeteries to private investment, because government did not have the funds,” he said.
“And they were those who were willing and able to provide jobs and grow the economy by making those investments.
“So, that is a pointer to the fundamentals of the president’s strategy, private investment and worldwide, there are huge flows of foreign direct investment, once you give investors the right conditions.
“Specifically, where are we headed, President Bola Ahmed Tinubu has pointed out, in priority areas where he is going to take Nigeria. And his key priorities are to improve the lives of Nigerians by providing food security, by ending poverty.”
Edun said the president is concerned about job creation, access to capital, particularly consumer credit that makes foods affordable to the average Nigerian; and utilising human resources by focusing on inclusivity — women and youth.
In this manner, he said, everyone has an opportunity to contribute to the growth of the economy and society.
The post ‘Last Time FX Rate Was Stable Was A Decade Ago’ – Wale Edun Speaks On The Economy appeared first on Jomog.
ADMISSION LIST: CHECK OUT LISTS OF SCHOOLS THAT HAVE RELEASED ADMISSION LIST FOR 2023/2024 SESSION
To proceed to check the available admission lists for 2023/2024, find below, a list of all schools’ admission lists and click on the link indicating the name of the school. This will grant you access to the guidelines on how to check the school’s admission list.
So far, the universities, polytechnics, and Colleges of education that have released their 2023/2024 Admission lists are listed below;
Universities That Have Released Admission Lists
BMU first batch admission list, 2023/2024
UNIMED admission list for 2023/2024
UNILAG Admission List 2023/2024 out
Chrisland University admission list, 2023/2024 available
Maranatha University admission list, 2023/2024 available
Augustine University admission list, 2023/2024 out
FUPRE admission list, 2023/2024 out
SSU admission list, 2023/2024 out
IAUE admission list, 2023/2024 session out
ABUAD Admission list, 2023/2024 out
First Technical University Admission list, 2023/2024 out
MOUAU admission list, 2023/2024 available
OAUSTECH Admission list, 2023/2024 out
GOUNI Admission list, 2023/2024 out
Fountain University Admission list, 2023/2024 out
Crawford University Admission list, 2023/2024 out
ESUT Admission list, 2023/2024 out
Bowen University Admission list, 2023/2024 out
FUOYE Admission list, 2023/2024 out
Claretian University Admission List 2023/2024 Session Out
Federal University of Health Sciences, Azare admission list, 2023/2024
UNIUYO admission list, 2023/2024 out
NSUK admission list, 2023/2024
BOUESTI releases admission list, 2023/2024
Christopher University admission list, 2023/2024
Bingham University Admission List 2023/2024
Thomas Adewumi University admission list, 2023/2024
Clifford University admission list, 2023/2024
Edwin Clark University admission list, 2023/2024
Ahman Pategi University admission list, 2023/2024
FUDutsin-ma releases admission list, 2023/2024
EBSU Admission List 2023/2024
DELSU UTME admission list for 2023/2024 session
Covenant University admission list, 2023/2024
Ajayi Crowther University Admission List 2023/2024
Admiralty University of Nigeria admission list, 2023/2024
UMYU UTME admission list, 2023/2024
CRUTECH Admission List, 2023/2024
Dennis Osadebay University admission list, 2023/2024
Bells university Admission List out, 2023/2024
EDSU admission list for 2023/2024 session
KWASU admission list for 2023/2024 session
NDA 75th regular course admission list
Evangel University Admission list, 2023/2024
Polytechnics That Have Released Admission Lists
PTI ND Full-Time Admission List, 2023/2024
Fed Poly Idah ND full-time admission List, 2023/2024
Delta Poly Ogwashiuku Full-Time ND Admission List, 2023/2024
Fed Poly, Ilaro ND full-time admission list, 2023/2024 out
Fed Poly Bauchi ND admission list, 2023/2024 out
NEKEDEPOLY ND admission list, 2023/2024
Federal Poly Oko ND Admission list, 2023/2024
Ibadan Poly ND admission list, 2023/2024
IMT ND admission list out on Jamb CAPS, 2023/2024
OGITECH Admission List, 2023/2024
Fed Poly Nasarawa ND Admission List, 2023/2024
Colleges of Education That Have Released Admission List
Federal College Of Education (Special), Oyo admission lists,, 2023/2024
Kwara State COE NCE admission lists, 2023/2024
EBONYI STATE UNIVERSITY, ABAKALIKI RELEASES 2ND BATCH ADMISSION LIST ON JAMB CAPS
The 2nd batch of the admission list has been made available on the school’s portal. Candidates can access it via the PDF file below;
BAYELSA MEDICAL UNIVERSITY (BMU) RELEASES FIRST BATCH ADMISSION LIST FOR THE 2023/2024 ACADEMIC SESSION
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