In a recent development, Finance Minister Wale Edun underscored the Federal Government’s commitment to Compressed Natural Gas (CNG) adoption, presenting an opportunity for private sector engagement. Speaking at the unveiling of the 2023 Nigerian Banking Sector Report titled ‘Getting Nigeria To Work Again!,’ Edun emphasized the potential cost reductions for businesses and households through increased CNG usage. He called for additional investments in conversion kits, refueling stations, and transportation infrastructure, citing a forthcoming announcement of government initiatives in this direction.
During the event, it was disclosed that the Federal Government’s target Tax to GDP ratio of 18% and Revenue to GDP ratio of 25% by 2026 remains unchanged. Edun outlined the positive outlook, stating, “The successful implementation of the ongoing reforms is expected to deliver meaningful improvements across several key revenue and debt metrics by 2025.”
Ike Chioke, Group Managing Director of Afrinvest Group, echoed the need for collaboration between the government and the private sector to rejuvenate the Nigerian economy. He emphasized the significance of comprehensive efforts to synchronize monetary and fiscal policies, revenue management, and financing strategies. The report’s title, ‘Getting Nigeria to Work Again,’ reflects the shared belief that collaborative efforts are essential for economic revitalization.