Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country has overcome its most difficult economic phase and is now firmly on the path to growth and prosperity.
In a statement titled “Nigeria Turning Towards Prosperity,” Edun expressed optimism about the nation’s economic direction under President Bola Tinubu’s administration, noting that reforms implemented since 2023 have started yielding measurable results.
“When President Tinubu took office in 2023, Nigeria’s economy was on the brink of fiscal collapse,” Edun recalled. “Slowing growth, surging inflation, and distortions like the fuel subsidy and multiple exchange rate regimes had created an environment that scared off investment. The President’s mandate was clear – dismantle those market distortions, reward productivity, and create a climate where private investment can thrive.”
According to him, two years after those reforms began, the economy is showing clear signs of recovery. GDP grew by 4.23 per cent in the second quarter of 2025, inflation has eased to 18.02 per cent after six months of decline, while foreign reserves have risen above $43 billion – the highest since 2019.
Edun added that the exchange rate has stabilised, with the gap between official and parallel markets narrowing sharply from nearly 70 per cent to about one per cent.
“These are more than just numbers,” he said. “They are the foundation for building inclusive growth that benefits every Nigerian.”
The minister acknowledged the continued hardship faced by many Nigerians, especially regarding food prices, but said government interventions are starting to make a difference. “A bag of rice that cost about N120,000 last year now averages around N80,000,” he noted, adding that the prices of other staples such as garri, pepper, and tomatoes have also dropped.
He revealed that 8.1 million households have received direct cash transfers from the government to cushion the impact of reforms, with a target to reach 15 million households once identity verification issues are resolved.
On fiscal reforms, Edun announced that President Tinubu has signed the new Nigeria Tax Act, which takes effect on January 1, 2026. The law, he said, is designed to broaden the tax base, simplify compliance, and make the system more progressive by protecting lower-income earners.
He also highlighted progress in key sectors such as oil and gas, agriculture, manufacturing, technology, and infrastructure, noting that oil production has rebounded to 1.68 million barrels per day and major projects like the Ajaokuta–Kaduna–Kano gas pipeline and nationwide fibre expansion are advancing.
“The clearest sign that Nigeria is on the right path is the return of confidence,” Edun stated. “Investors – both domestic and foreign – are starting to believe in the nation’s prospects again.”
While acknowledging that challenges like debt service and low revenue persist, the minister reaffirmed the government’s commitment to disciplined fiscal management and private-sector-led growth.
“Our medium-term target is seven per cent growth by 2027 or 2028,” he said. “Achieving this will require collective effort – from government, the private sector, and citizens. If we stay the course, Nigeria’s next decade will be one of shared prosperity and renewed hope.”