Nigerians are turning to saving in dollars as they have lost faith in the Naira, according to Finance Minister Wale Edun. Speaking to business leaders in Lagos, Edun highlighted the recent appreciation of the Naira as a sign that efforts to strengthen the currency are paying off. However, he also acknowledged that the country’s foreign direct investment has dropped to N3.7 billion in 2023.

Edun emphasized the importance of targeting diasporic funds to bolster the Naira, stating, “Because of lack of faith in the currency, people have decided to try to hold and save in dollars. We are targeting all the funds in the diaspora.” This strategy aims to encourage Nigerians to keep their funds in local foreign currency accounts.

In a separate development, Trade, Industry, and Investment Minister Doris Uuzoka-Anite announced that Nigeria has attracted $30 billion in investments during President Bola Tinubu’s first eight months in office. Uuzoka-Anite stated, “The Federal Government has secured an investment commitment of $30 billion since we came into power eight months ago. It means the investors will bring in the money or a promise to bring in the investment.”

These statements underscore the ongoing efforts to stabilize the Naira and attract foreign investment to Nigeria. Despite challenges, the government remains committed to improving the country’s economic outlook and restoring confidence in the local currency.