A delegation from Moody’s Rating Agency, led by senior executives Lucie Villa, Will Dallas, and Maximillian McBraw, met with Nigeria’s Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the Finance Ministry headquarters on Tuesday. The meeting focused on Nigeria’s recent economic reforms and policy updates aimed at fostering fiscal stability and economic growth.
Minister Edun welcomed the Moody’s team, emphasizing the agency’s role in assessing Nigeria’s position in the global financial landscape. He provided an overview of key reforms implemented by the government, highlighting the removal of subsidies on petroleum and adjustments in the foreign exchange market. These measures, according to Edun, have strengthened Nigeria’s fiscal stability by increasing contributions to the federation account, the nation’s main revenue distribution system.
The Minister also outlined social protection programs designed to support vulnerable populations amid economic challenges. These initiatives include direct financial transfers to low-income households and seasonal assistance for farmers, providing fertilizer and seeds to help increase agricultural productivity.
In addressing industrial and economic diversification, Mr. Edun spoke on federal support for the manufacturing sector, which includes future plans to promote Compressed Natural Gas (CNG)-fuelled vehicles as a sustainable transportation alternative. He also announced forthcoming affordable housing projects aimed at improving access to mortgages for a broader segment of Nigerians.
The Minister noted Nigeria’s progress toward local crude oil refining, which is expected to boost industrialization efforts. This initiative will ensure a stable supply of raw materials for industries such as agriculture, chemicals, paints, pharmaceuticals, and textiles, supporting broader economic development goals.
Reflecting on President Tinubu’s economic agenda, Minister Edun reaffirmed the government’s dedication to creating a transparent and competitive economic environment. He highlighted plans to increase revenue streams and attract foreign investment, expressing optimism about the role of technology in enhancing public financial management as Nigeria continues its economic transformation journey.
The Moody’s delegation acknowledged Nigeria’s reform efforts and expressed interest in monitoring the impact of these policies on the nation’s economic trajectory.
