Wale Edun shares Nigeria’s Economic Growth Story at 2024 Development Forum
Oru Leonard
Wale Edun Highlights Nigeria Economic Trajectory at Country’s 2924 Development Update, Says Reforms yield Positive Results
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has disclosed that Nigeria’s economic reforms are gaining momentum, with significant progress made in stabilizing the economy.
The Minister who made the disclosure at the launch of the October 2024 Nigeria Development Update (NDU) in Abuja,
highlighted the country’s economic trajectory.
At the event, the Honourable Minister joined a distinguished panel to discuss critical issues affecting Nigeria’s economic trajectory.
Responding to questions on government efforts to create a more business-friendly environment and clarify fuel pricing policies, HM Edun informed significant progress in stabilizing the economy, pointing to improved GDP growth, a lower budget deficit, and a return to orthodox monetary policy by the Central Bank of Nigeria (CBN). He emphasized that, having turned an economic corner, the government is now focused on maintaining stability and fostering growth, particularly through initiatives in the agricultural sector, such as the National Agricultural Growth Scheme – Agro-Pocket intervention.
The Honourable Minister cited notable investments in the oil and gas sector, including key projects by TotalEnergies and ExxonMobil. He also discussed President Bola Ahmed Tinubu’s initiatives aimed at revitalizing the manufacturing sector, emphasizing incentives such as concessional interest rates.
The Minister noted growing confidence from international investors, citing a recent visit from JPMorgan as a positive signal. He also outlined plans for long-term mortgage solutions aimed at addressing housing needs while driving economic growth, job creation, and poverty reduction.
Addressing the question of fuel pricing, the Minister confirmed that Nigeria now operates with market pricing for Premium Motor Spirit (PMS) for the first time in 40 years.
He noted further that this reform can transform the economy by freeing up resources for vital investments in education, housing, and infrastructure.
The bi-annual report, (NDU) titled “Staying the Course: Progress Amid Pressing Challenges”, is an in-depth examination of selected economic and policy issues, providing critical analysis of Nigeria’s development challenges.
