Nigeria’s Finance Minister, Wale Edun, stated at the World Bank Nigeria Development Update that the country is “already turning the corner” in its economic recovery.
He highlighted recent policies to stabilise the exchange rate and control inflation to boost investment and job creation, noting that removing fuel subsidies has alleviated economic burdens and fostered optimism for Nigeria’s future growth.
At the World Bank Nigeria Development Update in Abuja, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, addressed an audience eager for insights on the nation’s economic prospects.
Firstly, Edun declared, “Nigeria is already turning the corner,” citing encouraging data that reflects the positive impact of recent monetary policies by the Central Bank and strategic fiscal measures.
Nigeria’s Economic Outlook
Additionally, Edun highlighted the government’s commitment to stabilising the exchange rate and ensuring a steady flow of foreign exchange.
“Now we are looking at staying the course,” he emphasised, stressing the importance of sustained efforts for lasting progress.
He pointed out that “any effort that does not sustain is a waste,” urging stakeholders to focus on long-term solutions.
In addition to addressing inflation, he noted its detrimental effect on investment and called for initiatives to create jobs and invigorate the economy.
“Investments are needed for the desired growth,” he stated, appealing for collaborative efforts to lower inflation.
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Furthermore, turning to agriculture, Edun discussed federal initiatives aimed at enhancing productivity in this vital sector as a means of driving economic progress.
Finally, a significant highlight of his speech was his announcement regarding fuel subsidies.
“For the first time in 40 years, we have confronted the vexatious issue of fuel subsidies, which was costing five percent of GDP,” he revealed, marking a critical shift in policy.
As he concluded, Edun’s vision of a resilient Nigeria poised for transformation inspired hope and determination among the attendees.
