Nigeria’s Ministry of Finance has announced the Nigerian government’s collaboration with the Organisation for Economic Co-operation and Development (OECD) to frontally tackle the menace of illicit financial flows and strengthen Nigeria’s economic framework.
According to a statement shared on the Ministry of Finance’s X account, the partnership was formalized during a courtesy visit by Head of the Middle East and Africa Division at OECD, Carlos Conde, to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in his office in Abuja.
The OECD chief was quoted as emphasizing the organisation’s growing partnership in Africa through partnerships with the African Union, regional blocs, and direct country-level initiatives.
The statement indicated that Nigeria was identified as a key partner in West Africa during the parley, with discussions focusing on economic priorities such as capital market development, regional integration, sustainable finance, and investment in human capital.
The ministry stated: “Discussions focused on Nigeria’s economic priorities, including capital market development, regional integration, curbing illicit financial flows, sustainable finance, and investment in human capital.”
On the issue of technical support, the OECD chief spoke on the organization’s technical support areas, including assistance in digitalization, governance, and statistical systems.
In his remarks, the Nigerian minister welcomed the collaboration based on its potential importance of harmonized data systems to drive reforms, attract investments, and create opportunities for Nigeria’s youth.
It would be recalled that in January this year, Edun had commended President Bola Tinubu for implementing critical reforms that had helped stabilized Nigeria’s economy and boosting the nation’s GDP by 5%.
The minister, who gave the commendation to the present administration in his speech at the World Economic Forum in Davos, noted that the removal of fuel subsidies and the adoption of market-driven pricing mechanisms for petroleum products and foreign exchange had been helpful in improving the performance of the economy.
Citing the recent commitments from Shell and TotalEnergies, which announced $5 billion and $3 billion investment decisions respectively in the oil and gas industry to support his position, Edun said that the reform initiatives of the government had set the stage for the return of foreign direct investments and reflected renewed confidence in Nigeria’s economic potential.
A month earlier, the minister led a delegation to the Kingdom of Saudi Arabia on behalf of President Tinubu and the Presidential Economic Coordination Council to strengthen the bilateral economic relations of the two countries, with special focus on enhancing export credit, insurance frameworks, and market access between the two nations.
Commenting on his experience after the trip, Edun enthused: “What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians.”
