Taiwo Oyedele, minister of finance and coordinating minister of the economy, says the ongoing crisis in Iran could open up new investment opportunities for Nigeria as global energy markets adjust.
Speaking on the sidelines of an investor meeting in Paris,
Oyedele said while the situation is unfortunate, it is prompting countries to
diversify energy sources and explore new markets.
“We see also the issues going on in Iran. While that is
unfortunate, we think it presents new opportunities for us, as the world looks
to diversify sources of energy and investing in new markets,” the minister
said.
“As well as ensuring that Nigeria is able to get the optimal
outcome from the price regime to be able to mobilise more revenue and spend
that productively to address supply side, and also ensure that we manage
inflation as much as possible.”
Oyedele also reiterated the federal government’s stance on
petrol subsidy and price controls, stressing that both policies distort the
economy.
“We will not bring back subsidy because it creates a
distortion for the economy, and we will not introduce price control because we
believe in markets,” he said.
The minister, however, noted that the government will ensure
responsible regulation to prevent exploitation by market players.
Wale Edun, the former minister of finance, had said the
federal government will not intervene to regulate petrol prices as escalating
geopolitical tensions in the Middle East continue to create volatility in
global oil markets.
He said the federal government plans to introduce other
initiatives to cushion the impact of the war involving United States (US),
Israel, and Iran.
Edun also said the federal government will not reintroduce
petrol subsidy despite rising petrol prices triggered by the Middle East
conflict.
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