Market News

by Chima Titus

Minister of Finance and Coordinating Minister of the Economy, Wale Edun said the country now records about $2.35 billion as net inflow into the Central Bank of Nigeria‘s foreign reserves, adding that Nigeria will achieve an improved Gross Domestic Product (GDP) in 2026.

He disclosed this in Lagos as the guest speaker at the second edition of Access Bank’s Corporate Forum with the theme, ‘Nigeria’s Economic rebirth: Hopes and implications’.

The increase in foreign reserves he said, has contributed significantly to the stability of the naira in the foreign exchange market.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun said the country now records about $2.35 billion as net inflow into the Central Bank of Nigeria‘s foreign reserves, adding that Nigeria will achieve an improved Gross Domestic Product (GDP) in 2026.

He disclosed this in Lagos as the guest speaker at the second edition of Access Bank’s Corporate Forum with the theme, ‘Nigeria’s Economic rebirth: Hopes and implications’.

The increase in foreign reserves he said, has contributed significantly to the stability of the naira in the foreign exchange market.

“We have relative currency stability. And of course, the all-important margin of the rates. We’ve seen a gradual elimination of multiple exchange rates. We also have foreign exchange liquidity. The gross reserves are up. There has been a net inflow in the first seven months of this year of about $2.35 billion every month, “ he stated.

On the fiscal side as well, government revenues are growing and the key to government revenue is not so much that the government has revenue to compete with the private sector the minister stated.

He also reiterated that the government is working to ramp up crude oil production as a buffer for the fiscal revenues of the country, saying that the country is on track to produce the targeted two million crude oil barrels per day (bpd) before the end of 2024.

In his presentation at the well-attended event, Edun said the federal government and state governments are working with farmers.

He said 60,000 farmers will be assisted with the needed resources and the effects of this will begin to show from early next year.

He said, “By next January, February, Nigerians will begin to see these harvests coming out. Things like cassava and tubers. The result will be the key factors of the contributions and sacrifices we are currently making. This is a project and everybody has a role to play in producing food.

“Let me just emphasise once again, that all is being done to ensure that the commitment of Mr. President to help the vulnerable, to provide them with direct transfers means that they can decide what is their priority, which is a very good way of intervening. As we found during COVID-19, there is the determination to succeed in that area.”

In his projection for the economy by 2026, foremost economist, Bismarck Rewane, Chief Executive Officer, Financial Derivatives Company Limited said “the Nigerian economy will grow at 3.5 per cent (approximately $400 billion), making it the second-largest economy in SSA.”