Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this announcement during a press briefing held in Abuja on Friday.
He noted the significant financial resources available within the Nigerian populace, residing in domiciliary accounts and held overseas, which could be harnessed to stimulate economic growth.
The Minister also highlighted the pivotal role expected from Nigerians living abroad in driving economic growth through enhanced productivity and efficient resource management. He urged for the repatriation of substantial foreign exchange sources and funds held abroad, both in domiciliary accounts and by Nigerians in foreign financial institutions.
He stated, "There is a lot of cash outside the system, which if brought into the system, increases the money supply of dollars, increases in reserves and so forth. There are funds in domiciliary accounts, which if you give people the incentives they will utilize those for investment in Nigeria."
Furthermore, he stressed the importance of encouraging Nigerians abroad to save and invest in the Nigerian economy rather than foreign economies. Edun recognized that implementing the necessary structures and incentive frameworks is vital to achieving this goal. Ultimately, these efforts aim to create employment opportunities for Nigerians and bolster the country's economic growth.
Edun also highlighted the government's commitment to fiscal federalism and called upon states, local governments, wealthy individuals, and corporate entities to contribute to alleviating the current challenges faced by the less fortunate segments of society.