The OECD emphasised its growing engagement in Africa through partnerships with the African Union.

The Ministry of Finance has announced a strategic collaboration with the Organisation for Economic Co-operation and Development (OECD) to address illicit financial flows and strengthen Nigeria?s economic framework.

According to a statement shared on the Ministry of Finance?s X account, the OECD emphasised its growing engagement in Africa through partnerships with the African Union, regional blocs, and direct country-level initiatives.

The partnership was formalised during a courtesy visit by Carlos Conde, Head of the Middle East and Africa Division at OECD, to Wale Edun, Nigeria?s Honourable Minister of Finance and Coordinating Minister of the Economy.

Nigeria was identified as a key partner in West Africa, with discussions focusing on economic priorities such as capital market development, regional integration, sustainable finance, and investment in human capital.

?Discussions focused on Nigeria?s economic priorities, including capital market development, regional integration, curbing illicit financial flows, sustainable finance, and investment in human capital,? the statement noted.

The OECD also outlined its technical support offerings, including assistance in digitalization, governance, and statistical systems.

Edun welcomed the collaboration, highlighting the importance of harmonised data systems to drive reforms, attract investments, and create opportunities for Nigeria?s youth.

In January, Minister Edun commended President Bola Tinubu for implementing critical reforms that have stabilised Nigeria?s economy and reclaimed 5% of GDP previously lost to inefficiencies.

Speaking at the World Economic Forum in Davos, Edun noted that the removal of wasteful subsidies and the adoption of market-driven pricing mechanisms for petroleum products and foreign exchange have been pivotal in achieving this milestone.

?These steps have set the stage for the return of foreign direct investments,? Edun stated, citing significant commitments from Shell and TotalEnergies, which announced $5 billion and $3 billion investment decisions, respectively. These developments reflect renewed confidence in Nigeria?s economic potential.

In December 2024, Edun led a delegation to the Kingdom of Saudi Arabia on behalf of President Tinubu and the Presidential Economic Coordination Council to strengthen the economic partnership, focusing on enhancing export credit, insurance frameworks, and market access between the two nations.

The minister said, ?What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians.? (Channels TV)

Update news