ABUJA, Aug 28 – Nigeria will seek to encourage investments rather than rely on borrowing to create jobs, Finance Minister Olawale Edun said on Monday, as the new government tries to find a solution to sluggish growth, double-digit inflation and a high debt burden. Edun, 62, who doubles as coordinating minister for the economy, was speaking to reporters in Abuja after president Bola Tinubu held his first meeting with his new cabinet following last week’s swearing-in of ministers. The reforms are a gamble to try to kick-start growth but inflation has soared, worsening a cost of living crisis. Edun, an ex-investment banker, who was special adviser to Tinubu on monetary policy before his appointment as minister, said he will focus on fixing Nigeria’s public finances. He added that the government’s naira revenues have increased from crude oil proceeds following a devaluation in June.

Source: Punch August 28, 2023 20:56 UTC