The federal government of Nigeria has declared its intention to raise a maximum of $10 billion in order to curb the foreign exchange crisis rocking the economy.
These are plans put in place to stabilize the naira and increase foreign exchange liquidity in the economy of the West African giant.
Foreign exchange crises bedeviling the economy has taken a toll on the cost of living of Nigerians.
At the first Public Wealth Management Conference, which the Ministry of Finance Incorporated (MOFI) hosted in Abuja, President of Nigeria, Bola Tinubu declared the objective.
The objectives are to boost foreign exchange liquidity, keep the Nigerian currency, the naira stable, and expand the economy.
His administration’s eight-point strategy is centred on economic recovery and best practices for managing the resources and investments held by the federal government.
A proposal to raise the GDP base to $1 trillion and quadruple GDP growth from 3.5% to 7% is part of the agenda.
In order to assist growth and development, the Nigeria’s President Tinubu highlighted three main priorities, which include, expanding economic growth through investments in important industries like manufacturing, agriculture, and technology, increasing employment opportunities for Nigerians, especially women and young people and luring in more capital inflow from investors.
The foreign exchange crisis has put the naira at alarming rate, at N1,700/$1 and still counting.
The federal government’s investment assets must be identified, listed, rationalized, optimized and guaranteed to provide the greatest possible value to Nigerians in order for the government to mobilize resources.
Nigeria has trillions of naira worth of public weath that is both diversified and enormous.
Nevertheless, there has been massive underuitilization, poor management, and income loss as a result of the government’s lack of precise records or a consolidated registry of assets.
A new chapter centred on strategically utilizing public wealth for growth has been introduced by MOFI’s reorganized structure and revitalized mandate.
