A major barrier to the operation of enterprises is the multiple exchange rate system and restricted access to foreign exchange. The many currency systems and intrinsic volatility of Nigeria hinder significant economic investment. A report commissioned by the Federal Government of Nigeria revealed this information.
The research listed a number of obstacles that the nation has in raising funds for its development goals; which may limit its ability to achieve the SDGs. Standardizing the exchange rate is a solution; “The Federal Executive Council adopted the National Poverty Reduction with Growth Strategy (NPRGS); whose execution is to raise 100 million Nigerians out of poverty in ten years.
Using trustworthy data and realistic prediction models, the budget process must embrace accurate revenue forecasting and cautious revenue planning.
According to the research, the government ought to take steps to lower inflation. Reducing inflation would be challenging; and the Central Bank of Nigeria finances a sizeable portion of the government budget (CBN).
“Improving infrastructure is a second important issue,” Infrastructure issues the nation faces include a lack of dependable power supply that prevents businesses and industries from operating financially and effectively, a delay in getting goods to market, and a lack of ICT infrastructure that prevents a contemporary digitalized economy from being possible.