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Tinubu not to be blamed for the shutdown of about 800 companies in 2023 – Wale Edun

Tinubu not to be blamed for the shutdown of about 800 companies in 2023 – Wale Edun

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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the government of President Tinubu was not responsible for the economic conditions that led to the shutdown of about 800 companies in 2023 in Nigeria.

Edun made this disclosure in a statement on Tuesday during the ministerial press briefing in Abuja.

Edun explained that the departure of these companies from Nigeria’s economic landscape did not happen overnight; instead, factors like market instability, unfulfilled promises, and breaches of contract forced them out.

He added that these issues are currently being addressed by the current administration.

“Our government inherits the assets and liabilities of the previous administration. The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.

“The conditions which send them packing are no more. Those conditions were a foreign exchange market that was in no way fit for business where there was no liquidity.

“They were the general economic regime marked by instability, broken promises, lack of adherence to contract and so on.

“The new environment which investors face is one in which inflation is being attacked and eventually lead to lower interest rates where investors can use the very vibrant domestic market to add their own equities and invest,” Edun said.

 

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