FG Advocates Growth With Offshore Funds.

Federal Government says it is pursuing a multi-pronged strategy that includes the issuance of a new Diaspora Bond, a World Bank loan facility and increased engagement with foreign direct investors in a bid to attract foreign exchange or forex and bolster economic growth.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who disclosed the plans for a Diaspora Bond during the wrap-up press briefing following the 2024 World Bank-IMF Spring Meetings in Washington DC said, Nigerians abroad who are doing very well attract those funds through a Diaspora Bond, which is an instrument believe to be attractive to Nigerians abroad and foreign currency holders.

Edun also said, the issuance of the bond, targeted for later this year, aims to capture a significant source of foreign exchange, and remittances from Nigerians living abroad.

The Finance Minister underlined the government’s commitment to tackling inflation, adding that, the recent issuance of government securities at rates closer to the Central Bank of Nigeria Monetary Policy Rate as an example of collaboration between fiscal and monetary authorities.

Edun outlined key areas where the administration is prioritizing growth and emphasized the importance of private sector investment, both domestic and foreign, and lauded President Bola Tinubu’s commitment to fostering a private-sector-driven economy that creates jobs and reduces poverty.