The federal government has announced ongoing initiatives to significantly reduce the reliance on the U.S. dollar within the Nigerian economy.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasised that the current administration’s priority is to de-dollarize the economy and bolster the local currency.
Edun conveyed this information on Wednesday during a Global Investors’ Forum held in conjunction with the World Bank/International Monetary Fund (IMF) annual meetings in Washington, D.C.
He noted that this initiative is a fundamental component of the economic reforms initiated by the Tinubu administration.
Edun added that local providers of services, regulators and others are being asked to “invoice in Naira rather than dollars.”
He explained that It reduces the value for dollar and of course increases the demand for Naira.
The Minister also highlighted that the removal of subsidies on petrol and foreign exchange would make more funds available to the government for other projects.
I think we must not miss the fact that the number one source of foreign exchange revenue to Nigeria is oil production and they are facing the direction that is positive and should yield very good results in the near time.
