Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the necessity of achieving a minimum annual economic growth rate of 7% to significantly improve the lives of the nation’s poorest and most vulnerable citizens. He made this statement during a high-level policy dialogue on local government fiscal autonomy held in Abuja on July 22, 2025.

Edun highlighted that the administration of President Bola Tinubu has laid the groundwork for economic resilience and macroeconomic stability through bold early reforms. These reforms aim to correct major distortions and stimulate economic growth. He noted that the first phase involved removing significant macroeconomic disruptions, such as food pricing issues and employment growth challenges.

The minister outlined that the next phase focuses on stabilizing the economy by controlling inflation, managing the fiscal deficit, and boosting revenue generation. He emphasized that achieving a 7% annual growth rate is crucial for lifting millions of Nigerians out of poverty.

Edun also discussed the importance of local government fiscal autonomy, following a recent Supreme Court ruling mandating direct funding to democratically elected local governments. He described this development as transformative for Nigeria’s governance structure and emphasized the need for collaboration to ensure its successful implementation.

The minister highlighted ongoing federal initiatives aimed at strengthening local governance, including a nationwide nutrition program and the “774 Local Government Connectivity Project,” which focuses on expanding digital infrastructure to improve access to markets, education, and healthcare services.

In conclusion, Edun reiterated that sustained economic growth of at least 7% per annum is essential for reducing poverty and achieving inclusive development in Nigeria.