Edun Welcomes Interest Rate Cut
…Moves to Open Dollar Investments to All Nigerians
By Patience Ikpeme
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has expressed strong support for the Central Bank of Nigeria’s decision to lower the national interest rate to 26.5 percent.
This positive change follows the 304th meeting of the Monetary Policy Committee held in the nation’s capital on Tuesday.
In a statement shared via the Ministry’s official social media account, the Minister noted that the 50-basis-point reduction shows growing trust in the government’s efforts to steady the economy. He said the move proves that those in charge of the country’s money and those in charge of the banks are now working hand-in-hand to move Nigeria from just surviving to growing strong.
“For government, the rate cut lowers borrowing costs and creates fiscal space to accelerate investment in infrastructure, energy, agriculture and social services. For businesses, it improves access to credit, supports private sector investment, and strengthens job creation in the real economy,” Mr. Edun explained.
He further pointed out that the decision sends a clear message to investors that the reform programmes led by President Bola Tinubu are producing real results. The Minister said the administration is determined to keep managing the country’s finances carefully while working closely with the Central Bank to make life better for every Nigerian.
In another major move, the Federal Government has revealed plans to make it easier for ordinary Nigerians, including those living abroad, to save and invest in US Dollars. This plan aims to break down the walls that previously stopped regular people from participating in big foreign-currency investments.
To make this a reality, Mr. Edun recently held talks with investment experts from Jishike Holdings and Libeara, a digital arm of Standard Chartered. Their goal is to build on the success of the country’s first dollar investment programme launched last year and make it available to the “retail” market—meaning everyday people rather than just big banks or wealthy individuals.
This new initiative is focused on encouraging mass savings and making sure that even small investors can participate safely. The government wants to ensure that while people are investing, their money is protected by strong rules and regulations.
The Minister said the government is committed to using new and modern ways of raising money that empower Nigerians to be a direct part of the country’s success story. By opening up these dollar investments, the government hopes to strengthen the local market and provide more financial opportunities for everyone.
