Edun, Cardoso woo foreign investors at IMF

Minister of Finance, Wale Edun, and the Central Bank Governor, Yemi Cardoso, have wooed foreign investors at the ongoing Spring Meeting of the World Bank in Washington D.C.

They both told Diasporans and would-be investors of the good fortune of economic policies and their attendant effects on the country since the commencement of the administration at a Session of Meetings held at The Willard Hotels, Washington D.C.

The minister said efforts are geared towards maintaining fiscal congruence, noting that it is the reason the new team at the Nigerian National Petroleum Commission (NNPC) is mandated to increase production and save costs.

Edun noted that the administration is diversifying the economy, assuring of stabilizing the economy in order for the private sector to invest.

This was just as he stated that optimisation of assets is another route to closing the gap in the budget.

“We need to ensure that we maintain fiscal congruence. The mandate of NNPC is to increase production and save costs. We are also diversifying the economy.

“We are committed to stabilise the economy so that the private sector will find it attractive to invest.

“Optimisation of assets is another route to closing the gap in the budget. The government believes in the sanctity of contracts,” he said.

Also speaking, the CBN Governor said difficult reforms put in place have begun to yield fruits, adding that the country has been able to stabilise its macros.

He assured the country not relenting on its oars despite its period of crisis for the past 18 months.

Cardoso explained that the efforts are all geared towards building confidence and trust.

“The difficult reforms undertaken have begun to bear fruit. We have been able to stabilise the macros. Fitch has upgraded us more recently. No doubt, we are in a period of heightened uncertainty.

“We have, for the past 18 months, in a period of crisis, and our response to that period is to roll up our sleeves and ensure we build a stronger economy with respect to resilience and capacity to people and institutions.

“This is all about building confidence and trust, but moving in a direction of more confidence and more hope in the interest or Nigeria.

If we continue in the direction so far, we will achieve our set goals,” he said.

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