Wale Edun: Economic instability, FX paucity forced 800 companies to shut down

Wale Edun, minister of finance, says economic instability forced 800 companies to shut down operations.

Edun made this known on Tuesday in Abuja during the sectoral report of President Bola Tinubu’s one year in office.He said issues such as market instability, unfulfilled promises, and contract breaches drove them away, but these issues have now been resolved.“The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.

“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for purpose.“There was no liquidity. They were a general economic regime marked by instability, broken promises, lack of adherence to contracts.” Edun said the new environment for investors involves tackling inflation, which will eventually result in lower interest rates.

This, he said, will allow investors to leverage the dynamic domestic markets to enhance their equity and invest.767 manufacturers shut down operations, while 335 became distressed, in 2023.Click on the link below to join TheCable Channel on WhatsApp for your Breaking News, Business Analysis, Politics, Fact Check, Sports and Entertainment News!

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wale Edun: FG committed to pensioners' welfare amid economic reformsWale Edun, minister of finance, says the federal government is committed to the welfare of pensioners 'amid essential economic reforms'.
Source: thecableng - 🏆 2. / 80 Read more »

Wale Edun: Nigeria's economy is growing | FG now has enough to clear debtsWale Edun, minister of finance and coordinating minister of the economy says President Bola Tinubu has approved an emergency economic plan that would be implemented for the next six months.
Source: thecableng - 🏆 2. / 80 Read more »

BREAKING: Nigeria’s economy growing, says Wale EdunThe Nation Newspaper BREAKING: Nigeria’s economy growing, says Wale Edun
Source: TheNationNews - 🏆 6. / 69 Read more »

Wale Edun visits JET plant, says CNG buses will slash transportation costsFinance Minister and coordinating Minister of the Economy, Mr Olawale Edun, has visited the JET Motor Company (JET) Assembly Plant in Lagos, where Compressed Natural Gas (CNG) buses are being assembled under the Presidential CNG Initiative.
Source: vanguardngrnews - 🏆 5. / 75 Read more »

PHOTOS: Wale Edun visits CNG bus assembly plant, says rollout will reduce inflationWale Edun, minister of finance and coordinating economy, says Nigerians will soon start enjoying the benefits of CNG buses.
Source: thecableng - 🏆 2. / 80 Read more »

Tinubu’s economic reforms substantially increased FG`s revenue, says EdunThe Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says President Bola Tinubu`s economic reforms
Source: GuardianNigeria - 🏆 1. / 94 Read more »