Standard Chartered Bank Lauds Nigeria’s Economic Reform Efforts
By Patience Ikpeme
Standard Chartered Bank has expressed its approval of Nigeria’s comprehensive reforms, predicting a new period of investment and economic expansion.
A delegation from the bank, during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at his office in Abuja, spoke positively of Nigeria’s economic adjustments, referring to them as “extraordinary.” The delegation specifically mentioned the removal of fuel subsidies and the liberalization of markets as significant steps.
The delegation also acknowledged President Bola Tinubu’s interactions with international financial institutions and development agencies. They noted that Nigeria’s active involvement in economic partnerships is creating a more stable and attractive environment for investment.
The renewed confidence of investors in Nigeria’s debt market was a key point of discussion, with participants observing a stronger demand for both Eurobonds and domestic debt instruments.
Mr Edun reiterated the nation’s improving fiscal situation, citing a substantial decrease in the budget deficit and continuous efforts to stabilize the economy, manage inflation, and reduce interest rates.
He further stated that Nigeria’s economy is currently expanding at a rate of 3.84%. He also pointed out the necessity of reaching a 7% growth rate to achieve significant poverty reduction and job creation.
