A worrying trend among Nigerians, according to Minister of Finance Wale Edun, is that people are starting to save more money in dollars as a result of losing faith in the Naira.
During a recent presentation to notable business executives in Lagos, Edun stressed that the recent increase in the value of the Naira indicates that Nigeria’s efforts to fortify its currency are making progress.
Edun made the point that people are choosing to save in dollars instead of Naira because they don’t trust the local currency, which threatens the stability of the Naira. He went on to explain the government’s approach to dealing with this problem, which calls for using monies from the diaspora to support the Naira.
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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.”
Nigeria’s foreign direct investment fell to N3.7 billion in 2023, highlighting the severity of the problem and the pressing need to regain investor trust in the nation’s economy, according to Edun.
In the meantime, during Chief Bola Tinubu’s first eight months in office, substantial investment promises totaling $30 billion were made earlier this year by Minister of Trade, Industry, and Investment Doris Uuzoka-Anite in a separate statement.
According to Uuzoka-Anite, these pledges indicate a possible infusion of wealth into the Nigerian economy that might support growth and development programmes.
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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.
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