Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said this was bound to happen with the successful implementation of the ongoing domestic reforms.
In a presentation at the launch of Afrinvest’s 2023 Nigerian banking sector report, the minister who was represented by the Managing Director of the Ministry of Finance Incorporated, Armstrong Takang, said the successful implementation of the reforms will also raise the tax-to-GDP ratio from 10 per cent this year to 18 per cent by 2026.
Speaking on the ongoing domestic reforms, Edun said restoring macroeconomic stability is a critical foundation for setting the country on the path to rapid and sustained inclusive economic growth.
He listed some of the benefits of the ongoing reforms to include forward sales transactions, attracting international capital flows in advance funding arrangements, executive orders to increase the domestic supply of foreign exchange and reforming FX markets.
The minister further said part of the ongoing reforms have led to increased revenue through the removal of petrol subsidy, establishing a fiscal policy and tax reforms committee, eliminating smuggling and theft, as well as rigorous application of existing rules.
He added that attracting international investments through foreign direct investments (FDI) and foreign portfolio investments (FPI) are part of the ongoing domestic reforms to grow Nigeria’s economy.