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Multinationals Fleeing Nigeria owing to Foreign Exchange Woes—Edun

Wale Edun, Minister of Finance, has indicated that the lack of a liquid foreign exchange market was the primary reason why several international corporations left Nigeria.

Edun, who was talking on Channels Television’s Sunday Politics, stated that the government had handled this issue by establishing a willing buyer, willing seller foreign exchange market.

He pointed out, “One of the major disadvantages, one of the major impediments for them (exiting multinationals) was the lack of an easily accessible foreign exchange market.”

“Ultimately, we currently have a willing buyer and willing seller foreign exchange market. It is raised, albeit not to the levels we would prefer, but it is only when inflation is reduced that the exchange rate may be stabilized and even reduced, as is the case with interest rates. That struggle has begun. It’s a better climate for them and for major investors in general.”

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He stated that the leaving corporations’ inability to get foreign exchange was a serious hindrance to their activities in the country.

Edun said that President Bola Tinubu’s recent executive directives have made it easier for investors to enter Nigeria’s abundant gas sector.

“Obviously, businesses will come and go. Our goal is to not only retain them but also attract new ones to invest, and we are confident that with the environment we have created, they will do so,” stated Edun.

In addition, the minister said that ideas for tax reform that would make doing business easier for both domestic and international firms are being thought about as a component of an economic stabilization package.

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Edun voiced hope for the nation’s economic future despite noting the difficulties facing it now and said that the administration is making every effort to foster an atmosphere that is beneficial to investors.

Even though we are in a challenging situation, things are improving. We thus expect Nigeria’s economic status to improve every day and every month,” he stated.

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