I think we're charting course for combined mutual prosperity...: Nigerian Finance Minister

Edun, who is also the country's Coordinating Minister of Economy, said he thinks that India and Nigeria are charting a course for combined mutual prosperity based on economic growth.

Speaking to reporters on the sidelines of the Nigeria-India Business Conference in national capital on Wednesday, Edun said, "We are extremely happy to be here. And so far, as I said, we're halfway through our consultations, our discussions and so forth with you and other business leaders. And we are full of optimism at what has been achieved so far."

"We have had inside lightful, engaging discussions, forged meaningful partnerships, and we're looking to continue to do that even throughout the course of today. And I think we're charting a course for combined mutual prosperity based on economic growth," he added.

Edun also spoke about the roundtable that they had with Nigeria's President Bola Ahmed Tinubu. He apologised for the delay, saying, "We're here for you. We're here for business."

Edun said Nigeria's focus is on attracting global capital and promoting foreign direct investments. He added that their decision underscores Nigeria's commitment to job creation, economic diversification and revenue expansion.

Calling his country "an attractive destination" for business, he added, "Our focus is on attracting global capital, promoting foreign direct investments, and this underscores our commitment to job creation, economic diversification and revenue expansion. Nigeria, as was said earlier, is an attractive destination for business. It is brimming with opportunities across the various sectors."

"And the climate has changed, it has improved. And that is why now is the time as you no doubt will have followed the major macroeconomic impediments to stability of the exchange rate, of inflation, of interest rates, and indeed of obstacles to liquidity, to enough financing, are now in the process of being removed," he added.

Edun praised the Nigerian President for his economic decisions, including his work done on the fiscal side of the removal of a subsidy that was costing 2 per cent of GDP every year. He said that the decisions pertaining to the economy will yield benefits.

"As we all know, it takes time to heal when you take major economic decisions, such as Mr President has done in terms on the fiscal side of removal of a subsidy that was costing 2 per cent of GDP every year and denying government those resources and on the monetary side of removing the multiple, confusing and very inefficient foreign exchange windows, so that there is now more or less one formal market for foreign exchange," he said.

"Those major changes will yield benefits that are just coming through. It won't happen overnight, but clearly, for those interested in investing, the playing field has been levelled, it has been cleared of debris, and the opportunity is now there for you to seize," he added.

On the Nigerian President's working philosophy, he said Bola Ahmed Tinubu wants to build growth that will reduce poverty and create opportunities for prosperity and a better life.

"Let me just briefly give you a sense of the President's philosophy, of the basis of his economic plan and the foundations on which he wants to build growth that will reduce poverty and indeed create opportunities for prosperity and of course, a better life for Nigerians and more profits for you, if I may say so," he said.

"And that is the other eight priority areas. Number one, promoting economic growth and job creation, which speaks for itself. Tackling poverty is a key element of what he's trying to achieve. Promoting food security, improving access to capital, including retail financing, that makes durable goods, long-lasting goods, consumer goods, affordable for the ordinary buyer, thereby increasing the size of the market and increasing the opportunity driving inclusivity, including women, including young people, in what is going on in the economy and having them play their own role and of course, adhering to the rule of law," he added.

Meanwhile, Nigerian High Commissioner to India, Ahmed Sule, on Wednesday extended an invitation to India to do business together, saying that the people are ready to partner with India.

"Nigeria is ready for business...Come to Nigeria...The market is there. And the people are ready to partner with you..." Sule said, assuring that the problems that have happened in the past will not happen again.

"All the problems that we encountered in the past will no longer happen so please I would like you to come to Nigeria...The people are ready to partner with you, the government is ready for you. The President is committed to making the business easier," Sule said.

He said, "Our Nigerian investors who also come to me from Nigeria are here. We will resume our opportunities for the future maybe in local countries."

Significantly, Nigerian President Bola Ahmed Tinubu was the first head of state to have arrived in the national capital for the G20 summit, which is scheduled to be held over two days, on September 9 and 10.

The 18th G20 Heads of State and Government Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.

A G20 Leaders Declaration will be adopted at the conclusion of the New Delhi Summit, stating Leaders commitment towards the priorities discussed and agreed upon during the respective ministerial and working group meetings. (ANI)