Abuja, Nigeria – In a bid to bolster investments across various sectors of the economy, the administration of President Bola Tinubu is eyeing funds held in domiciliary accounts and resources possessed by Nigerians living abroad. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, revealed this strategic initiative during a press briefing held in Abuja on Friday.
Mr. Edun emphasized the vast financial resources at the disposal of Nigerians, both within the country and abroad, which could be harnessed to stimulate economic growth. He outlined his team’s efforts to create a conducive environment to attract these funds into the Nigerian economy.
He stated, “What we can see is that really, there are quite substantial sources of foreign exchange in Nigeria. There is a lot of cash outside the system, which if brought into the system, increases the money supply of dollars, increases in reserves, and so forth. There are funds in domiciliary accounts, which if you give people the incentives they will utilize those for investment in Nigeria.”
Furthermore, the Minister emphasized the potential role of Nigerians in the Diaspora in contributing to the nation’s economic growth. He urged them to consider investing in Nigeria and highlighted the importance of fostering an environment that encourages the repatriation of foreign-held assets for domestic investment.
Mr. Edun elaborated, “Nigerians in Nigeria have huge holdings of foreign currency in banks abroad and in financial institutions abroad. We need to provide the environment that brings those funds home to choose to invest in the Nigerian economy rather than foreign economies, which is what they are doing right now.”
He also stressed the need to enhance payment mechanisms to incentivize Nigerians abroad to save and invest in Nigeria.
In conclusion, the Minister expressed optimism and determination to establish the necessary structures and incentive frameworks that would attract both domestic and foreign resources into the Nigerian financial and economic system. This initiative aims to create employment opportunities and stimulate economic growth.
While the federal government is taking steps to mitigate the effects of reform decisions, the Minister called on states, local governments, affluent individuals, and corporate entities to contribute to alleviating the challenges faced by the less fortunate in society.