HomeBUSINESSThe Exchange Rate Will Stabilize, Bagudu Reassures Investors!

The Exchange Rate Will Stabilize, Bagudu Reassures Investors!

The Minister of Budget and Economic Planning, Atiku Bagudu, is optimistic about Nigeria’s exchange rate following President Bola Tinubu’s ongoing exchange reforms and the Central Bank of Nigeria’s initiatives. 

He believes that liberalizing the foreign exchange market, like many other countries, will result in better exchange rates for Nigeria. Bagudu is confident that global indices support this notion and urges local and foreign investors to take advantage of the potential improvements.

Bagudu, a former governor of Kebbi State, shared his views during an engaging conversation with business editors in Lagos. He emphasized that the foreign exchange market would continue to stabilize under the current administration. 

Highlighting President Tinubu’s executive orders and currency reforms, Bagudu acknowledged that temporary fluctuations may inconvenience some individuals, but he strongly believes that stability and progress will prevail. Many countries that have taken similar paths have ultimately experienced long-term economic improvements.

Additionally, Bagudu highlighted Nigeria’s commitment to reducing borrowing in the 2024 budget while focusing on boosting revenue for enhanced economic stability. 

He called for accountability and urged Nigerians to demand the resignation of public officials who fail to fulfil their assigned responsibilities. In his eyes, this level of scrutiny and performance-driven approach should be embraced, as it mirrors how successful companies operate. If an appointed official cannot deliver on their promised contributions, alternatives should be explored, as echoed by President Tinubu.

Furthermore, Bagudu stressed the importance of teamwork and collaboration in achieving Nigeria’s economic goals. He believes that the projected daily oil production of 1.78 million barrels in the 2024 budget can be achieved if all stakeholders work together diligently. 

Bagudu urged public officers and institutions responsible for oil production to be held accountable and pushed to deliver optimal results. Increasing oil output would attract foreign investment, empowering the country through greater foreign currency inflows and a stronger exchange rate.

Supporting this optimism, the Nigerian National Petroleum Company Limited’s Group Chief Executive Officer, Mele Kyari, stated that the projection of 1.785 million barrels of oil per day in 2024 is not only realistic but also attainable. 

Kyari emphasized that this estimate encompasses all oil production, including crude oil and condensates. He further clarified that Nigeria’s OPEC quota specifically regards crude oil, while the country also produces a significant amount of condensate. Combining these factors, the projected figure becomes feasible.

Meristem Research has also contributed to the positive outlook by projecting an increase in Nigeria’s oil production in 2024, barring any unforeseen disruptions. 

The strategic introduction of the Nembe Oil grade to the global market and intensified efforts against oil theft are expected to significantly boost production to 1.55 million barrels per day, surpassing 2023 figures.

With these promising developments and the collective efforts of Nigeria’s leadership, economists, and stakeholders, Nigeria’s economy looks set to sail toward gradual recovery and improved prospects.

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