Nigeria aims to boost trade with G-24

The Nigerian government has called for increased investments and trading partnerships from member countries of the Group of Twenty-Four (G-24).

This appeal was made during the World Bank-IMF Spring Meetings in Washington DC by the Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, who was represented by the Director-General of the Budget Office of the Federation, Mr Ben Akabueze.

The G-24 which was formed in 1971 is an assembly of developing nations with the aim to collaborate in aligning their stances on issues connected to international monetary policy and development financing.

In a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Danjuma, on Thursday, the Minister spoke about the the government's implementation of several intervention programmes and robust policies under President Bola Tinubu’s administration.

The statement highlighted Nigeria’s steps towards economic repositioning and its openness to international collaboration for mutual growth and stability.

Parts of the statement read: “The Federal Government has said that it needs investment and increased trading relationships from member countries of the G-24 as these will play a critical role in the country’s quest for growth as well as ensure a stable and growing economy by bringing tranquillity to the tempestuous foreign exchange market.

“Represented by the Director General of the Budget Office of the Federation, Mr. Ben Akabueze, the Minister informed the G-24, a group of countries working together to coordinate the positions of developing countries on international monetary and financial issues and indeed the global gathering that Nigerian Government, on its part, has administered a cocktail of intervention programmes and potent policies which are already yielding desired outcomes.

“He explained that the efforts of the President Bola Ahmed Tinubu-led Administration towards repositioning the economy were already yielding desired outcomes, which has significantly narrowed the gap between the exchanges at the parallel market and the Nigeria Foreign Exchange Market.”