Standard Chartered Bank has commended Nigeria’s ambitious economic reforms, including fuel subsidy removal and market liberalization. Investor confidence in Nigeria’s debt market is growing, and Minister Edun noted the need for targeted economic growth of 7 percent for poverty reduction. The collaboration between the government and the bank is seen as vital for fostering investment and innovation.
Standard Chartered Bank has expressed enthusiastic support for Nigeria’s recent economic reforms, indicating a significant departure towards enhanced investment and growth opportunities. During a meeting with Nigeria’s Minister of Finance, Mr. Wale Edun, in Abuja, the delegation recognized the reforms as “extraordinary,” particularly mentioning the removal of fuel subsidies and the liberalization of markets.
The discussions prominently featured investor confidence in Nigeria’s debt market, with a noted resurgence of interest in both Eurobonds and local debt instruments. Minister Edun pointed out the country’s improving fiscal situation, which includes a marked decrease in the budget deficit as well as ongoing initiatives aimed at stabilizing the economy, controlling inflation, and reducing interest rates.
Minister Edun further provided insight into Nigeria’s economic growth, currently at 3.84 percent, while emphasizing the need to achieve a targeted growth rate of 7 percent to significantly alleviate poverty and create jobs. The delegation commended President Bola Tinubu’s efforts to engage with international financial institutions and development agencies, underlining that such proactivity is nurturing a more stable economic environment.
Mohammed Manga, the Director of Information and Public Relations, stated that as Nigeria strengthens its foundation of economic resilience and reform, the collaboration with Standard Chartered Bank is expected to unveil new opportunities, enhance innovation, and guide the nation toward a more prosperous future.
In summary, Standard Chartered Bank applauded Nigeria’s comprehensive economic reforms, which are pivotal in attracting investment and enhancing growth. The bank’s delegation highlighted the importance of stabilizing the economy, reducing budget deficits, and fostering international partnerships. As Nigeria works toward a targeted growth rate of 7 percent, the collaboration with Standard Chartered is anticipated to unlock significant economic potential.
Original Source: www.zawya.com
