NAIRA SUMMIT SHOULD EMPHASIZE A STABLE FOREX MARKET AND OTHER ISSUES

Stakeholders anticipate consolidations in these policies to increase foreign investment in Nigeria as a result of recent changes in the foreign exchange market and the implementation of difficult reforms.

The Central Bank of Nigeria (CBN) has the current political regime to address unconventional policies that have impeded investment and limited economic growth over the previous eight years.

Consolidating these reforms and their effects on establishing an effective and stable FX market will be the main topics of the second edition of “The naira conference,” which will be held by Arbiterz Conferences in association with business journalist Wole Famurewa. The conference's theme is “The naira: Paths to institutional reforms and accelerated growth.”

The gathering, which is slated for August 10, 2023, at the Four Points Sheraton Lagos, aims to promote dialogues between important business figures.

Foreign direct investment in Nigeria, according to recent figures from a UN agency, foreign investment into Nigeria turned negative last year for the first time in at least 33 years.

According to UNCTAD's most recent 2023 World Investment Report, Nigeria's foreign direct investment (FDI) flows decreased to -$187 million in 2022 from $3.31 billion in 2021.

The Naira Conference presents the Nigerian private sector to influence the development of a FX regime that stimulates sustainable investment, supports economic growth, and facilitates long-term structural development, said Abimbola Agboluaje, founder of Arbiterz Conferences, in a statement highlighting the 2023 conference.

Regardless of the price of crude oil, the objective should be to establish a flexible exchange rate system that benefits all economic actors in the short and long terms. The conference's discussions and conclusions would be extensively disseminated to important stakeholders in the economy, and the Nigerian people.

Yokov Fred Agah, Nigeria's leading trade negotiator and a former deputy director-general of the World Trade Organization, will give the opening speech, and other keynote speakers will also be present.

With the withdrawal of subsidies and the forex reform, NGX anticipates a stable economic climate.

The Nigerian Exchange Limited, or NGX, has stated that it supports the President Bola Tinubu administration's current economic reform initiatives and anticipates that they would lead to a more stable economic climate.

The Exchange commended the unification of the foreign exchange market and the elimination of petroleum subsidies, among other things.

At the 62nd Annual General Meeting, or AGM, of the Exchange held in Lagos over the past weekend, Dr. Umaru Kwairanga, Chairman of the NGX Board, said this: We are going to partner with the present administration as it focuses on multiple exchange rates issue, removal of oil subsidy and harmonisation of FX which led to the attraction of foreign investors into the country.

The NGX and the government will collaborate to entice additional businesses to list on the Exchange. We want to improve Nigeria's credit profile, address the causes of increased capital costs, and foster an environment that is welcoming to both domestic and global investors.

In the meantime, Kwairanga thanked the NGX shareholders for their support of the Group since dimutualization and promised that they would start receiving dividends from their investments as soon as possible. We want to overcome obstacles, seize opportunities, and continually provide our shareholders and stakeholders with value.