Standard Chartered Bank Commends Nigeria’s Economic Reforms

Standard Chartered Bank has praised Nigeria’s economic reforms, highlighting changes like the removal of fuel subsidies. The delegation discussed increased investor confidence in both Eurobonds and local debt instruments. Minister Edun reported on improving fiscal health and growth targets, while also noting the significance of partnerships with international institutions for future stability and investment.

A delegation from Standard Chartered Bank recently commended Nigeria’s transformative economic reforms during a meeting with Finance Minister Mr. Wale Edun in Abuja. They characterized these reforms as “extraordinary,” specifically noting the removal of fuel subsidies and market liberalization as key elements enhancing the investment climate.

Discussions also included optimism regarding Nigeria’s debt market, highlighting increased interest in both Eurobonds and local debt instruments. Minister Edun pointed to an improved fiscal health with a notable reduction in the budget deficit, ongoing measures to stabilize the economy, control inflation, and lower interest rates.

The country’s economy is currently growing at 3.84 percent, with a target of attaining 7 percent growth essential for significant poverty reduction and job creation. Additionally, the delegation acknowledged President Bola Tinubu’s proactive engagement with international financial institutions, which is fostering a more stable investment environment.

Mohammed Manga, Director of Information and Public Relations, indicated that the partnership between the government and Standard Chartered Bank is expected to unveil new opportunities, encourage innovation, and guide Nigeria towards a prosperous economic future.

The commendation by Standard Chartered Bank underscores Nigeria’s economic reforms emphasizing the need for continued efforts toward enhancing investor confidence. The government’s strategic partnerships and ongoing economic measures show promise for bolstering fiscal stability and achieving the necessary growth targets to alleviate poverty and create jobs. This collaboration is set to play a pivotal role in Nigeria’s economic resurgence.

Original Source: www.zawya.com