The Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun said Tuesday that the country’s economy was on the path of industrialisation.
The minister said this while addressing State House correspondents after a meeting between President Bola Ahmed Tinubu and members of the Implementation Committee on the Naira-based sales of crude oil and refined products at the State House in Abuja.
He said the policies and programmes of the Tinibu administration are laying a foundation for industrial growth and private sector investment.
“We have market pricing of foreign exchange that has set the economy on the path to industrialization, because with private sector refining of crude oil, we now have raw materials, not just for agriculture, but for industry, for chemicals, for paints, for building materials for textiles, and of course, this is Mr. President’s strategy and his policy of making conditions right for the private sector to invest, create jobs and grow the economy.
“Likewise, the market pricing of petroleum products, has also paved the way for NNPC to restore its balance sheet, restore its financial fortunes, and of course, to give the federation, federal state and local governments more funding in order to allow them to meet their obligations, salary payments to workers, social services to the population generally, and of course, key infrastructure development.
“The economy has been set well and truly on a path, although it’s early steps, and there is much to be done, but we can now see a clear path to industrial development for modernization of the Nigerian economy, because the key prices are right, and it is encouraging private sector investment,” he said.
