Nigeria’s Finance Minister, Wale Edun, has stated that President Bola Ahmed Tinubu’s administration has successfully halted the economic “bleeding” and is charting a path to lift millions of Nigerians out of poverty.
Speaking on Monday during the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Mr. Edun highlighted the administration’s efforts to stabilize and grow the economy through comprehensive reforms and investment-friendly policies.
“President Tinubu’s administration inherited assets and liabilities, and there is no looking back. It’s about stabilizing the economy and looking forward to making plans that ensure life is easier for Nigerians,” Mr. Edun said.
He emphasized that the government is working tirelessly to attract both domestic and foreign investments to boost productivity, generate employment, and reduce poverty on a large scale.
According to the minister, critical macroeconomic reforms are already in place, which have addressed inefficiencies that previously drained Nigeria’s economy. Specifically, Mr. Edun revealed that the administration has curtailed issues linked to fuel and foreign exchange subsidies, which had been costing the country 5% of its GDP annually without adding significant value.
“President Tinubu has stopped the bleeding,” Mr. Edun said, referring to these reforms. He noted that the elimination of these subsidies has not only stabilized the economy but also created opportunities for sustainable growth.
The finance minister underscored the government’s efforts to create a stable macroeconomic environment that is favorable for investors. This includes initiatives to refine crude oil domestically to produce petroleum products and raw materials for industrial use, reducing reliance on imports while boosting local production.
“Nigerians should be encouraged that we now have a more stable, sustainable macroeconomic environment,” he said. He added that these reforms position Nigeria to produce competitively for the domestic market and also expand its footprint in export markets.
The administration’s focus on attracting private sector investments and implementing bold reforms aligns with its broader vision of economic prosperity. By addressing structural issues and fostering a conducive business environment, Mr. Edun expressed confidence in the government’s ability to move the nation forward.
The NACOFED conference, which brings together policymakers, economists, and other stakeholders, serves as a platform to discuss strategies for Nigeria’s economic development. The minister’s remarks signal a commitment to steering the country toward stability and growth, offering hope to millions of Nigerians seeking relief from economic hardships.
