FG Opens Dialogue with World Bank over Forex Challenges

The Minister of Finance, Olawale Edun, has assured Nigerians that the Tinubu Administration is working hard to overcome the economic challenges facing the country.

He said the government will address the foreign exchange (forex) problem with the cheapest available funds from the World Bank and other sources.

Edun disclosed this at a Business Lunch organised by the Newspaper Proprietors’ Association of Nigeria (NPAN) in Abuja on Thursday.

The event was held to honour him and three other ministers who have been active members of NPAN. They are Minister of Information and National Orientation, Alh. Mohammed Idris; the Minister of Solid Minerals Development, Mr. Dele Alake and the Minister of Art, Culture and Creative Economy Hanatu Musawa.

Edun, a former chairman of Vintage Press Limited and treasurer of NPAN, said he had met with World Bank officials on Wednesday to discuss how to access cheap and viable forex funding for the country.

He said this was necessary because of the tight forex liquidity situation caused by the volatility of the naira against the dollar.

He said he also attended a meeting of the Economic Coordination Committee, which was set up by President Bola Ahmed Tinubu to ensure collaboration, coordination and cooperation among the economic managers of the country. He said the committee reviewed the economic management framework, which would include consultations with stakeholders, including the private sector.

He said the government had taken some measures to improve the economic situation, such as removing fuel subsidy that was draining government revenues and harmonising the foreign exchange windows that were deterring investors. He said there was much more to be done to achieve economic recovery and growth.

He said Tinubu was encouraging investments that would increase productivity, create jobs and reduce poverty. He said the government would soon unveil an updated and expanded national development plan that would guide its policies and programmes.

He appealed to the media to cooperate with the government and report its activities accurately and objectively. He said the government was committed to finding solutions to the nation’s economic problems and delivering on its promises to Nigerians.

Idris, who was publisher of BluePrint and general secretary of NPAN, said the media industry may also benefit from the tax incentives the government was working on. He affirmed that the government would not censor the media under any guise. He promised to change the face of public communication in the country and maintain his integrity as a journalist.

Alake, who was editor-in-chief of The Nation newspaper, said he was honoured to serve in Tinubu’s cabinet as the Minister of Solid Minerals Development. He said he would work hard to harness the potential of the sector for national development. He said he would also promote transparency and accountability in the management of mineral resources.

Musawa, who was publisher of The New Voice magazine, said she was delighted to be appointed as the Minister of Art, Culture and Creative Economy. She said she would use her experience in journalism and law to promote Nigeria’s rich cultural heritage and creative industries. She said she would also advocate for gender equality and women empowerment in all spheres of life.

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