Finance minister blames Buhari’s govt for shutdown of 800 companies in Nigeria

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the shutdown of approximately 800 companies in Nigeria during 2023 to the policies and economic conditions inherited from the previous administration led by former President Muhammadu Buhari.

Edun made the disclosure during a ministerial press briefing in Abuja.

He clarified that the economic challenges leading to the exit of these companies were not a result of the current administration under President Bola Tinubu.

He pointed out that the issues, such as market instability, unfulfilled promises, and breaches of contract, which forced these companies out of Nigeria, were pre-existing problems from Buhari’s tenure.

“The departure of these companies from Nigeria’s economic landscape did not happen overnight; factors like market instability, unfulfilled promises, and breaches of contract forced them out,” Edun stated.

He added, “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.”

Edun emphasized that the unfavourable conditions during Buhari’s administration, including an illiquid foreign exchange market and general economic instability, are being actively addressed by the current government.

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

The article was originally published on Politics Nigeria.

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