In a landmark virtual briefing, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, provided a comprehensive update on the country’s economic trajectory. Addressing selected members of the media, Edun highlighted significant progress in economic stabilisation, key priorities, and strategic initiatives aimed at fostering sustainable growth and development.
According to the Minister, Nigeria has made notable economic progress over the past 18 to 20 months, pulling back from the brink of a fiscal crisis. The country recorded a 3.84 per cent GDP growth in Q4 2024, nearing the annual target of 3.4 per cent. Inflation has begun to ease, government revenues have increased, and the exchange rate has shown signs of strengthening.
Edun reported a 20 per cent rise in government revenue last year, alongside a reduced budget deficit and a decline in debt servicing as a percentage of revenue. He reiterated the administration’s commitment to responsible spending, improved fiscal management, and an ambitious goal of increasing the tax-to-GDP ratio to 18 per cent over the next 18 months through enhanced compliance, digitisation, and tax base expansion.
The Minister emphasised that Nigeria’s next phase of economic growth will be driven by private sector investment. A major initiative in this direction is a N1 trillion low-interest mortgage fund, backed by both public and private financing, aimed at stimulating the housing sector. Additionally, pension funds and institutional investors are being mobilised to finance 5,000 kilometres of roads under the Highways Management and Development Initiative.
While reaffirming Nigeria’s commitment to economic diversification, Edun acknowledged the continued importance of oil revenue. Plans are underway to expand domestic refining capacity to 1.2 million barrels per day, ensuring a more secure and investor-friendly oil sector. He also urged exporters to focus on domestic and regional markets to mitigate global economic shocks, including recent U.S. tariff policies.
With Nigeria’s youthful population averaging 16.9 years old and over 600,000 graduates entering the workforce annually, the Minister underscored the urgency of youth-centric economic policies. He cited upcoming funding mechanisms designed to support young entrepreneurs and highlighted President Tinubu’s launch of a national sports empowerment programme in Ogun State as part of broader youth empowerment efforts.
Declaring this period as one for equity investment, privatisation, and strategic partnerships, Edun reaffirmed the government’s commitment to fostering a business-friendly environment. He stressed that enabling private sector-led growth will be key to achieving sustainable and inclusive economic expansion.
Nigeria’s transformative economic agenda must be underpinned by proactive policy execution, strengthened institutional frameworks, and enhanced public-private collaboration. The Minister’s briefing highlights a commitment to prudent fiscal management, strategic investments, and inclusive growth. By fostering an enabling environment for businesses, prioritizing youth-driven innovation, and accelerating infrastructure development, the government can catalyze sustainable economic progress and ensure long-term prosperity for future generations.
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