Minister of Finance, Wale Edun, has highlighted a concerning trend among Nigerians, stating that the populace is increasingly saving in dollars due to a loss of faith in the Naira.
Speaking at a recent presentation to prominent business leaders in Lagos, Edun emphasized that the recent appreciation of the Naira’s value signals positive progress in Nigeria’s efforts to strengthen its currency.
Edun pointed out that the lack of confidence in the Naira has led individuals to opt for saving in dollars, undermining the stability of the local currency. He further elaborated on the government’s strategy to address this issue, aiming to channel diasporic funds towards bolstering the Naira.
He stated, “Because of lack of faith in the currency, people have decided to try to hold and save in dollars.
“We are targeting all the funds in the diaspora. There are all these funds that you have brought into your (local foreign currency) accounts; we are targeting them.”
Highlighting the magnitude of the challenge, Edun revealed that Nigeria’s foreign direct investment plummeted to N3.7 billion in 2023, underscoring the urgent need to restore investor confidence in the country’s economy.
Meanwhile, in a separate statement earlier this year, Minister of Trade, Industry, and Investment, Doris Uuzoka-Anite, announced significant investment commitments totaling $30 billion during Chief Bola Tinubu’s initial eight months in office.
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Uuzoka-Anite emphasized that these commitments signify a promising influx of capital into the Nigerian economy, potentially fueling growth and development initiatives.
She articulated, “The Federal Government has secured an investment commitment of $30bn since we came into power eight months ago. It means the investors will bring in the money or a promise to bring in the investment.
“So, the money, investment proposal, and everything else are done,” she added.
