The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the shutdown of approximately 800 companies in Nigeria during 2023 are the results of economic policies and conditions inherited from the administration of former President Muhammadu Buhari.
Speaking at a ministerial press briefing in Abuja, Edun clarified that the economic challenges leading to the exit of these companies were not a result of the current administration under Chief Bola Tinubu.
He highlighted pre-existing issues such as market instability, unfulfilled promises, and breaches of contract as key factors forcing these companies out of Nigeria.
Edun stated, “The departure of these companies from Nigeria’s economic landscape did not happen overnight; factors like market instability, unfulfilled promises, and breaches of contract forced them out.
“Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.”
Edun stressed that the unfavourable conditions during Buhari’s administration, including an illiquid foreign exchange market and general economic instability, are being actively addressed by Tinubu’s government.
“The new environment which investors face is one in which inflation is being attacked and will eventually lead to lower interest rates where investors can use the very vibrant domestic market to add their own equities and invest,” he added.
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