The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has disclosed that the Federal Government is committed to reducing the cost of living through reduction in the price of food in 2025.
Addressing reporters after a meeting with President Bola Ahmed Tinubu on Sunday in Lagos, the minister also promised that more jobs would be created in the new year following an investment trip to Saudi Arabia.
Edun just came back from Saudi Arabia where he led a federal government delegation to ramp up investment drives initiated by President Bola Tinubu during his last visit to the country.
He said, “We all went to follow up on the economic diplomacy, the incisive, robust and exhaustive economic diplomacy that Mr. President, has carried out around the world on all the continents.
“To ensure that the inroads and successes that he has made, in this case, in Saudi Arabia, the developing relationship with His Royal Highness, the Crown Prince of Saudi Arabia.
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“Twice last year or so, Mr. President has been in Saudi Arabia, has had meetings with the Crown Prince and they would, amongst other things, clearly talk about trade, talk about the investment talk about economic cooperation, talk about financial cooperation and collaboration, and we just followed up on some of those leads across the various opportunities that are there for foreign direct investment, for trade partnerships, and for even financial investment.”
Edun highlighted that Nigeria is in the middle of dry season farming and effort is being made to ensure that “we have a bountiful dry season harvest, we bring down the price of food, we bring down inflation, the cost of living for the average Nigerian.”
He disclosed that the Saudi Agricultural Livestock Investment Company had increased its investment in Olam by a $1.2 billion additional investment.
“So it is that type of transaction that Mr. President has taken the steps of stabilizing the Nigerian macroeconomic environment to encourage such and to attract such and that is an example of the success of the strategy followed by Mr. President,” he added.
The investment, the minister said, is expected to increase gorex inflow, jobs and boost the economy.
“I’d say what we have brought back is investment. What we have brought back is foreign exchange. We have brought jobs for Nigerians.
“If you look at the demographics of Saudi Arabia, to the extent that they are investing abroad, they are not going to be exporting their people. They’re not like some of the other big, populous countries of Asia.
“So clearly, where they invest is in jobs for Nigerians. So that’s the simplest way I would put it. Of course, the Olam transaction was a long time in the works. You all know that the Saudi Agricultural Livestock Investment Company has, just around December 23, increased its investment in Olam by a $1.2bn additional investment,” he stated.
The Minister of Budget and Economic Planning, Atiku Bagudu on his part said, Nigerians should expect a better economy with lower inflation, more employment opportunities, and more business support.
He said, “We have turned the bend; we have made the tough choices; we have seen the worst we could see, which is not unexpected.
“That is why social protection was improved. So what we are expecting to see in 2025 is a better economy, lower inflation, more employment opportunities, more support for businesses, more infrastructure development, more funding of security and better security, and all those priority areas, including human capital development, education and health.”
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