Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, during the week met with groups of foreign investors on the sidelines of the ongoing IMF/World Bank Annual Meetings holding in Washington DC.
The interactive session sparked notable enthusiasm among investors, who expressed readiness to explore opportunities across various sectors, while seeking insights and clarification on Nigeria’s recent reforms. Nume Ekeghe who is covering the meetings presents 15 key takeaways from a presentation by Nigeria’s economic managers during the engagement: 1) Enhanced Monetary Policy Transmission Nigeria’s economic managers told their audience that price stability was being restored gradually due to the tight monetary policy stance of the CBN. This is aimed at taming inflation, rebuild confidence and regain market credibility.
They also stressed that the federal government has stopped quasi-fiscal intervention activities and that the central bank is adhering to statutory limits of deficit financing through ways and means advances to the government. The CBN has also adopted market -driven and orthodox frameworks to support price discovery in the financial markets. 2) Building Investment Attractiveness Edun and Cardoso also said the government has strengthened the frameworks for concessions and public-private partnerships, including working with the legislature to address legal and reg.