By Oluwayanmife Ayobami
During the virtual 2023 annual directors’ conference of the Chartered Institute of Directors (CIoD) Nigeria, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the ongoing economic reforms spearheaded by President Bola Tinubu.
Edun emphasized that while these reforms, including the removal of petrol subsidy and efforts to unify exchange rates, were crucial, their advantages would not be immediate.
President Tinubu’s reforms have brought about challenges, such as increased petrol costs and significant devaluation of the naira against the dollar in both official and parallel markets.
READ ALSO: Wike, El-Rufai, Oyetola, Alake, Edun: President Bola Tinubu submits ministerial list to senate
We are a work in progress
Minister Edun acknowledged that the benefits of these changes would take time to materialize, focusing on creating a stable economy and foreign exchange conducive to attracting investments.
He specifically said:
“The agenda is to provide first and foremost a stable economy, growing more than population growth, with low inflation, stable foreign exchange to enable investments in productive activities,”
This is a call to action
Additionally, Minister Doris Uzoka-Anite, responsible for Industry, Trade, and Investment, stressed the significance of ethical corporate governance as a cornerstone for economic diversification and transformation.
She highlighted the government’s efforts in establishing a robust monitoring and evaluation framework across ministries, departments, and agencies to facilitate economic development.
She specifically said
“Nigeria is blessed with abundant natural resources but continue to face significant challenges in realising economic development”.
Both ministers emphasized the crucial role of good corporate governance in driving economic growth and stability.
Minister Uzoka-Anite called for collective action to leverage Nigeria’s abundant natural resources and tackle challenges hindering economic progress, asserting the pivotal role of CIoD in promoting effective corporate governance.
READ ALSO: Tinubu secures $1.5B zero-interest loan from World Bank
Nigerians are highly expectant: Tinubu charges new inaugurated ministers to meet Nigerians’ expectations
Meanwhile, President Bola Tinubu inaugurated his newly appointed ministers on Monday, setting a tone of high expectations and urging them to work diligently to fulfill the expectations of Nigerians.
The inauguration ceremony took place at the Conference Hall in the Presidential Villa, attended by dignitaries including Senate President Godswill Akpabio, Speaker of the House of Representatives Tajudeen Abbas, Secretary to the Government of the Federation George Akume, and Chief of Staff to the President Femi Gbajabiamila.
