Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that President Bola Tinubu’s economic reforms have placed the country on a path of stability and recovery, citing improvements in key macroeconomic indicators including GDP growth of 4.23 percent and a decline in inflation to 18.02 percent in the second quarter of 2025.
Edun disclosed this in an article titled “Nigeria Turns Towards Prosperity,” shared on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga. He said that when President Tinubu assumed office in 2023, Nigeria’s economy faced severe fiscal challenges such as slowing growth, rising inflation, and market distortions caused by fuel subsidies and multiple exchange rate systems.
According to the minister, the administration’s policy decisions — including the removal of fuel subsidies and the unification of exchange rates — have stabilised the macroeconomic environment and restored investor confidence.
“Two years later, the results are evident at the macro level. GDP grew by 4.23 percent in the second quarter of 2025. Inflation, while still high, has moderated to 18.02 percent after six consecutive months of decline,” Edun stated.
He explained that the exchange rate gap between the official and parallel markets has narrowed to about 1 percent, while foreign reserves have risen above 43 billion dollars — the highest level since 2019.
Addressing food inflation, the minister noted that while Nigerians continue to face cost-of-living pressures, targeted measures are beginning to yield results. “A bag of rice that cost about ₦120,000 last year now averages around ₦80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased,” he said.
Edun added that the government is implementing initiatives to encourage smallholder farmers to return to the fields, while protecting their incomes against the effects of market fluctuations and insecurity.
He revealed that 8.1 million households have received direct cash transfers under the government’s social support programme, with a goal to reach 15 million households after resolving identity verification challenges.
Despite the progress, the minister acknowledged that Nigeria still faces tough fiscal realities, particularly high debt service costs and low revenue levels. He said the recently signed Nigeria Tax Act, which will take effect on January 1, 2026, aims to broaden the tax base, reduce leakages, and create a progressive system that shields lower-income earners while adjusting rates for higher-income groups.
Edun stressed that to achieve inclusive prosperity, Nigeria must strengthen growth in real sectors such as agriculture, energy, manufacturing, and technology. He pointed to ongoing infrastructure projects like the Ajaokuta–Kaduna–Kano gas pipeline and the 90,000 km Project Bridge fibre expansion as examples of government efforts to attract private investment through public-private partnerships.
He concluded that renewed confidence in Nigeria’s economic outlook is evident among local and international investors, noting that sustaining this momentum will require policy consistency, fiscal discipline, and continuous inflation control.
“Our medium-term target is 7 percent growth by 2027 or 2028. The task ahead is to deepen resilience, broaden opportunities, and ensure that reforms translate into real improvements in the daily lives of Nigerians,” Edun wrote.
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