Forex instability, economic instability made 800 companies to shut down—Wale Edun

Minister of finance, Wale Edun, has said the instability in the economy forced about 800 companies to shut down operations.

Making his known on Tuesday in Abuja during the sectoral report of President Bola Tinubu’s one year in office, Edun said the exit of these companies did not happen suddenly.

The minister stated that issues such as market instability, unfulfilled promises, and contract breaches drove them away, but these challenges have now been resolved.

“Government did inherit an unstable economy,” said Edun.

“The 800 companies or so did not make up their minds overnight. They stayed until they could stay no more.

“The conditions which sent them packing are no more. Those conditions were a foreign exchange market that was in no way fit for purpose.

“There was no liquidity. They were a general economic regime marked by instability, broken promises, lack of adherence to contracts.”

The minister of Finance said the new environment for investors involves tackling inflation, which will eventually result in lower interest rates.

This, Edun said, will allow investors to leverage the dynamic domestic markets to promote their equity and invest.