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Minister of Finance blames past Administration for the closure of 800 companies

During a recent ministerial press briefing in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shed light on the closure of approximately 800 companies in Nigeria during 2023. Edun squarely attributed this significant economic setback to the policies and economic conditions inherited from the previous administration led by former President Muhammadu Buhari.

Edun emphasized that the challenges leading to the closure of these companies were not the fault of the current administration under President Bola Tinubu. Instead, he highlighted that issues such as market instability, unfulfilled promises, and breaches of contract, which forced these companies out of Nigeria, were pre-existing problems from Buhari’s tenure.

“The departure of these companies from Nigeria’s economic landscape did not happen overnight; factors like market instability, unfulfilled promises, and breaches of contract forced them out,” Edun stated, underscoring the long-standing nature of these issues.

He further clarified, “Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more,” highlighting the complex process that led to their closure.

Edun reassured that the current government is actively addressing the unfavorable conditions inherited from Buhari’s administration, including an illiquid foreign exchange market and general economic instability. He outlined efforts to create a more conducive environment for investors, emphasizing the government’s commitment to tackling inflation and lowering interest rates.

“The new environment which investors face is one in which inflation is being attacked and will eventually lead to lower interest rates where investors can use the very vibrant domestic market to add their own equities and invest,” he noted, expressing optimism about the prospects for economic recovery and growth under the current administration.

Edun’s remarks highlight the complexities of Nigeria’s economic landscape and underscore the importance of prudent economic management and policy reform. As the government continues to address inherited challenges and implement targeted interventions, fostering a conducive business environment and restoring investor confidence will remain key priorities in driving sustainable economic growth and development.

 

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