Nigeria to implement macroeconomic reforms amid Naira decline — FG

The Federal Government of Nigeria has pledged to undertake significant macroeconomic reforms in response to the ongoing depreciation of the Naira in the Forex market.

The commitment was made by the Minister of Information and National Orientation, Mohammed Idris, during the 2024 Press Week of the Niger State Chapter of the Nigeria Union of Journalists (NUJ) on Saturday.

Addressing the economic concerns, Idris, represented by the Director-General of the Voice of Nigeria, Mallam Jibrin Baba Ndace, conveyed the government’s intention to initiate policies aimed at fostering economic growth, reducing inflation, alleviating the cost of living, and stabilising the foreign exchange market.

These reforms are anticipated to create job opportunities and are part of President Bola Tinubu’s Renewed Hope Agenda. The year 2024 is expected to be pivotal for Nigeria as the administration’s initiatives start yielding positive outcomes.

However, the Minister expressed confidence that the Tinubu administration’s commitment to macroeconomic reforms would lead to sustained economic growth.

In light of the recent removal of fuel subsidies, the liberalisation of the foreign exchange regime, and ongoing anti-corruption efforts, Idris highlighted the government’s adherence to the rule of law. He cited recent judicial decisions as evidence of the judiciary’s independence.

Furthermore, Idris explained that the relocation of certain departments of the Central Bank of Nigeria (CBN) and the headquarters of the Federal Airports Authority of Nigeria (FAAN) to Lagos is a strategic move designed to enhance operational efficiency, promote a responsive financial system, and reduce operational costs.

The government’s assurances come at a time when the nation’s economy faces multiple challenges, including a weakening currency and rising living costs, which have put pressure on the Nigerian populace.

The proposed reforms are awaited with anticipation as the country strives for economic stability and growth.

Idris emphasised that the government’s directive aligns with global best practices and has no political motivation whatsoever as wrongly propagated.

The Minister assured that no policy of the present administration would put any part of the country in a disadvantaged position.