The Minister of Budget and Economic Planning, Atiku Bagudu, has stated that he expects the exchange rate to improve as a result of President Bola Tinubu’s and the Central Bank of Nigeria’s ongoing currency reforms.
The PUNCH reported that his comments came nearly six months after Tinubu lifted the exchange rate cap, among other currency reforms.
According to him, countries who have liberalized their foreign exchange markets, such as Nigeria, have experienced higher exchange rates, and he is confident that Nigeria’s foreign exchange market would perform better in the future.
He stated that global indexes indicated that things will improve, and he advised both domestic and foreign investors to adopt similar moves.
Bagudu, who is a former governor of Kebbi State, stated this during a conversation with some business editors in Lagos on Tuesday.
He predicted that the foreign exchange market will continue to stabilize under the current administration.
“Mr. President has signed two Executive Orders,” he stated. “We have been misleading ourselves; we have ran a system in which we no longer have dollars or foreign exchange. So, even if you want to enjoy repatration, you can’t since you’ve cornered yourself. It must be a market of willing buyers and sellers.
Bagudu also stated that Nigeria’s borrowing in the 2024 budget had been lowered, and that the country was working to increase revenue in order to attain more economic stability.
Bagudu also asked Nigerians to seek the resignation of public officials who fail to discharge the duties of their positions.
“We should task people, we should ask public officials questions so that (for example), if you don’t think you can do it, step aside and let someone else do it, that is how businesses are run.
“1.78 million barrels may sound high, but we have done more than that before. In our national capacity, we have produced more than two million barrels per day at times,” he said.
In addition, the minister emphasized the importance of increasing oil output, stating that increasing output would attract investment, the majority of which would be in foreign currency.
Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, stated in a mid-December announcement that Nigeria may produce 1.785 million barrels of oil per day by 2024.
Kyari informed the Senate Committee on Finance that the crude oil production and price benchmark predictions for the 2024 Budget were realistic and achievable.
Meanwhile, Meristem Research’s recent analysis predicts an increase in Nigerian oil production in 2024, barring any large, unforeseen shock to the secto
