Nigeria, Mitra OECD to curb illegal financial schools

The Ministry of Finance has announced a strategic collaboration with the organization for cooperation and economic development (OECD) to curb forbidden financial schools and strengthen the Nigerian economic framework.

This development was shared in a statement titled “OECD Deepening Economic Relations with Nigeria” on the Ministry of Finance platform X on Tuesday, March 25, 2025.

OECD emphasizes the involvement of Africa that develops through partnerships with the African Union, Regional Blocks, and direct state level initiatives.

This partnership was formalized during a full visit of politeness by Carlos Conde, Head of the Middle East and African Division in OECD, to Wale Edun, Minister of Finance Nigeria and the Minister of Coordinating Economics.

Nigeria was identified as the main partner in West Africa, with discussions that focus on economic priorities such as the development of capital markets, regional integration, sustainable finances, and investment in human resources.

“Discussions that focus on Nigerian economic priorities, including the development of capital markets, regional integration, curbing illegal financial flows, sustainable finances, and investment in human resources,” the statement said.

OECD also outlines its technical support offers, including assistance in digitalization, governance, and statistical systems.

Edun welcomed this collaboration, highlighting the importance of the data system that was harmonized to encourage reform, attract investment, and create opportunities for young Nigerians.

Also read: $ 88.6 billion Lost from illegal financial streams every year in Africa, EFCC Boss revealed

In January, Minister Edun praised the President of Bola Tinubu for implementing critical reforms that had stabilized the Nigerian economy and reclaimed 5% of the GDP that had previously been lost due to inefficiency.

Speaking at the World Economy Forum in Davos, Edun noted that the abolition of wasteful subsidies and adoption of price determination mechanisms driven by markets for oil and foreign currency products was very important in achieving this milestone.

“These steps have set a stage for foreign direct investment returns,” Edun stated, quoting a significant commitment from Shell and Teasengegies, each announced $ 5 billion and an investment decision of $ 3 billion. This development reflects new trust in Nigerian economic potential.

In December 2024, Edun led the delegation to the Kingdom of Saudi Arabia on behalf of President Tinubu and the President’s Economic Coordination Board to strengthen economic partnerships, focusing on increasing export credit, insurance framework, and market access between the two countries.

The minister said, “What we have brought back is a foreign exchange. What we bring back is work for the Nigerians.”

By Babajide Okeowo

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