Amanze Chinonye
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country has overcome the toughest phase of its economic challenges and is now on a steady path toward growth and prosperity.
In an article titled “Nigeria Turns Towards Prosperity”, Edun expressed optimism that the reforms initiated by President Bola Ahmed Tinubu since assuming office in 2023 have repositioned Africa’s largest economy for stability and sustainable development.
“Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us. Nigeria has turned a decisive corner,” Edun wrote. “The road ahead will demand hard work and discipline, but we are firmly on the right path.”
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The minister recalled that when President Tinubu took office, Nigeria was on the brink of fiscal collapse, plagued by sluggish growth, high inflation, and distortions such as the fuel subsidy and multiple exchange rates that deterred investors.
Two years on, Edun said macroeconomic indicators have improved significantly. According to him, the economy grew by 4.23 percent in the second quarter of 2025, while inflation has moderated to 18.02 percent after six consecutive months of decline.
He added that the exchange rate gap between official and parallel markets has narrowed to about 1 percent, foreign reserves have climbed above $43 billion the highest since 2019 and investor confidence is gradually returning.
“These are more than just numbers,” he said. “They are the foundation for building inclusive growth that benefits every Nigerian.”
Tackling Inflation and Protecting the Vulnerable
Acknowledging that millions of Nigerians still struggle with high living costs, Edun said government interventions were beginning to yield results, particularly in easing food prices.
“A bag of rice that cost about ₦120,000 last year now averages around ₦80,000,” he noted, adding that prices of staples like garri, pepper, and tomatoes have also declined.
He explained that the government is balancing consumer relief with farmer incentives to sustain food production. In addition, over 8.1 million households have received direct cash support to cushion the effects of economic reforms, with efforts ongoing to reach 15 million households nationwide.
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Edun also addressed Nigeria’s fiscal constraints, describing the country’s revenue-to-GDP ratio around 10 percent after rebasing as one of the lowest in Africa.
He said President Tinubu’s signing of the Nigeria Tax Act and related fiscal legislation in June 2025 would take effect from January 2026, introducing a more progressive tax regime to broaden the tax base and protect low-income earners.
“These reforms will strengthen revenues, create fiscal space, and support greater investment in our people and infrastructure,” he stated.
Real Sector Growth and Infrastructure Drive
Edun emphasized that sustained prosperity requires growth anchored in productive sectors. He said oil production has risen to 1.68 million barrels per day, aided by improved security and reduced theft, while refinery projects are revitalizing the downstream industry.
In agriculture, technology, and the creative economy, he said the government is creating opportunities for youth employment and export diversification, including tapping into global demand for critical minerals.
He highlighted ongoing infrastructure projects such as the Ajaokuta–Kaduna–Kano gas pipeline and the Project Bridge 90,000 km fibre expansion, which he described as “the groundwork for industrialisation and nationwide connectivity.”
Restoring Investor Confidence
According to Edun, the clearest evidence of Nigeria’s progress is the renewed confidence of investors, international institutions, and citizens. However, he cautioned that sustaining such confidence requires consistent policies, fiscal discipline, and continued progress in lowering inflation.
The minister projected that Nigeria’s medium-term target of 7 percent GDP growth by 2027/2028 is attainable with collaboration between government, private sector, and citizens.
“If we work together, we will not only meet this target but surpass it,” he said. “The task ahead is to ensure reforms translate into real improvements in daily life better schools, affordable food, reliable power, healthcare, and jobs for our youth.”
Edun concluded with optimism that Nigeria’s next decade will be defined by “shared prosperity and renewed hope.”
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
