Emmanuel OchayiMinister of Budget and Economic Planning, Atiku Bugudu, has assured investors that the exchange rate will soon stabilise following the president and Central Bank of Nigeria’s economic reforms.
In a meeting with business editors in Lagos, the Minister expressed optimism about Nigeria’s exchange rate, attributing potential stabilization to President Bola Tinubu’s ongoing exchange reforms and actions of the Central Bank of Nigeria (CBN).
Join our WhatsApp ChannelBagudu highlighted the positive impact of liberalizing the foreign exchange market, citing global indices that forecasted improvements.
He urged both local and foreign investors to consider these developments, emphasizing that countries adopting similar measures had experienced long-term benefits.
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Addressing concerns about fluctuations, Bagudu stated, “The steps taken by Mr. President and the central bank may be inconvenient now in terms of the fluctuation, but we believe it will stabilize and get better.”
The former Kebbi State governor also touched on economic stability, revealing efforts to reduce borrowing in the 2024 budget while emphasizing the importance of raising revenue. He encouraged Nigerians to hold public officials accountable, suggesting that those who fail to deliver should consider resigning.
Bagudu asserted, “If you are given a sector to run and you accept that it can contribute ‘X’ to our national life; if for any reason you can’t deliver, then the searchlight should be beamed on you to make a choice.”
In the context of oil production, Bagudu emphasized the attainability of the 1.78 million barrels per day projection in the 2024 budget. He stressed the need for collective effort, stating, “If we begin to challenge public officers that way, then we will find out that we can achieve our objectives better; rather than assuming that things cannot get better and even providing the legal cover for it by budgeting that we cannot.”
The latest report by Meristem Research also aligns with this optimism, projecting an increase in Nigeria’s oil production in 2024, contingent on avoiding significant, unexpected shocks to the sector.
The report anticipates strategic initiatives and efforts to curb oil theft to boost production.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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