Edun: reforms driving investors confidence
Economic reforms introduced by the administration of President Bola Ahmed Tinubu have recovered, stabilised and gradually moving the economy towards a more stable and resilient path. Minister of Finance and
- ‘Growth now accelerating’
Economic reforms introduced by the administration of President Bola Ahmed Tinubu have recovered, stabilised and gradually moving the economy towards a more stable and resilient path.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who spoke during a press session held on the sidelines of the Spring Meetings of the World Bank and the International Monetary Fund in Washington D.C, said the government’s policy direction adopted since 2023 reflected a deliberate shift away from short-term interventions to deeper changes intended to reposition the economy for sustained growth.
According to him, the reforms were structured to stand the test of time and provide greater shield for the country from global shocks.
He noted that while the international environment remains difficult, with many countries grappling with tighter financial conditions, disruptions in trade and uncertainties affecting exports, Nigeria is focused on maintaining discipline in its economic management to build a more reliable foundation for growth.
He pointed out that the changes in the foreign exchange market and the removal of fuel subsidies were central to the government’s strategy, adding that these changes have been correcting imbalances that had built up over the years and now helping the economy respond more effectively to external pressures.
Addressing concerns about rising prices, Edun acknowledged that inflation is still a challenge, driven largely by higher energy costs, food supply issues and transportation expenses.
He, however, said measures are being put in place to support vulnerable Nigerians, including targeted assistance programmes and efforts to boost agricultural output.
He maintained that careful management of government finances remains a priority, noting that resources are now being directed more efficiently following the end of costly subsidy arrangements.
Giving an update on the country’s performance, Edun said economic activity has strengthened, with growth now above four per cent.
He added that Nigeria’s external reserves have improved significantly, approaching $50 billion, while price pressures are beginning to show signs of easing.
He assured that the country’s debt level is still within manageable limits.
Beyond the macroeconomic figures, Edun said there were signs that investor confidence is returning citing large-scale projects such as the Dangote Refinery as examples of renewed private sector commitment.
He said smaller businesses are also benefiting from reforms aimed at improving the business environment.
He expressed optimism that the economy is entering a new phase where growth will accelerate and employment opportunities will expand, particularly in key sectors like power, agriculture, infrastructure and technology.
He said discussions with international partners at the meetings showed continued backing for Nigeria’s reform efforts, alongside growing interest from investors in sectors such as energy and agribusiness.
He added that Nigeria is engaging in global conversations on how to reduce borrowing costs for developing countries.
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According to him, the overall objective of the reforms is to place the country on a path of steady growth that will ultimately reduce poverty and improve living standards.
Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, said monetary authorities were aligned with the reform agenda and remained focused on maintaining stability.
He noted that the global economy continues to face pressures, including inflation and geopolitical risks, but Nigeria has been able to manage these challenges more effectively in recent months, supported by improved exchange rate conditions and stronger reserves.
He underlined that maintaining consistency in policy implementation would be key to sustaining investor trust over time.
On the banking sector, Cardoso reiterated that the recapitalisation programme had drawn substantial investor interest, leading to the mobilisation of about N4.65 trillion in fresh capital.
He said most banks have met the new requirements, which would strengthen their ability to support lending and economic expansion.
He expressed confidence that continued adherence to the reform path would help stabilise the economy further, encourage investment and support long-term growth.
