Nigeria Back in Business, Road To Industrialization- Edun

Wale Edun, Nigeria’s Minister of Finance and coordinator of the Economy says with the removal of fuel subsidy Nigeria is on its way to fully industrialise.

The minister made this remark on Monday In Bauchi state at the opening conference of the National Council on Finance and Economic Development, NACOFED, stressing that Nigeria now produce fuel locally through private sector initiative.

The situation, he said,  has generated employment opportunities, stability in the macro economic environment as well as created an opportunity for locally produced fuel to be exported to generate hard currency.

The administration of Bola Tinubu removed the fuel subsidy last year despite strong opposition from not a few Nigerians.

Critics of the adminsitration insist that the removal has plunged the country to the unimaginable economic sufferings currently ebing witnessed across the country.

The Minister however stated that the removal of petrol subsidy by President Tinubu is a blessing rather than curse.

He explained that the removal has spurred investors’ interest in the nation’s oil and gas sector, and industrialisation is no longer far-fetched, apart from the fact that the nation’s Gross Domestic Product, GDP, which was bleeding to the tune of five percent has now stopped.

Speaking on the theme, “Hosting Economic Growth At Challenging Times, Strategies, Effective Policies and Partnership Physical Sustainability And Growth”  Edun stated that the removal though hard was a blessing in disguise.

“We are now back in business on the road to industrialisation” following the fuel subsidy removal, Edun declared yesterday.

He stressed that the removal has freed up more resources at the local government, states  and federal government levels, so much so that they now have more funds to spend on critical projects that lead to development.

He said, “We should be encouraged that we are now having a more stable and sustainable microeconomic environment that is friendly to investors that makes it possible not only for them to produce competitively for the domestic markets, but also to export.”

“Our understanding of each other’s situation, of each other’s financial and economic needs and even the resources and potential they possess and available, the skills, specialisation that is on ground.

“President Bola Tinubu’s administration inherited the assets and the liabilities and there was no looking back but it’s a question of charting a way of looking forward and making plans in order to first of all stabilise the economy.

“Then get investments through private sector investors both domestically and foreign direct investors to increase the productivity of Nigeria, grow the economy, create jobs and of course move a large number of people out of poverty.

“The road is clear for private sector investors and as we know, we are now back in business on the road to industrialisation based on what is happening in the petroleum refining sector.”