In a key virtual briefing, Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presented Nigeria's economic progress, emphasizing fiscal stabilisation, key priorities, and strategic initiatives aimed at driving sustainable growth.
During the briefing, Edun highlighted the country's economic recovery over the past 18-20 months, with a 3.84% GDP growth recorded in Q4 2024, aligning closely with the 3.4% annual target. Inflation began to ease, revenues rose, and the exchange rate showed signs of improvement.
Fiscal discipline and revenue reforms
Edun revealed that government revenue increased by 20% last year, with a reduced budget deficit and a decline in debt servicing relative to revenue. He emphasized the government's commitment to fiscal responsibility, improved tax compliance, and digitisation, aiming to raise the tax-to-GDP ratio to 18% within the next 18 months.
Private sector as growth driver
Edun stressed that private sector investment will play a crucial role in Nigeria's future economic growth. He announced a ₦1 trillion low-interest mortgage fund, supported by both public and private financing, designed to boost the housing sector. The government is also mobilising pension funds and institutional investors for the development of 5,000 kilometres of roads under the Highways Management and Development Initiative.
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Oil, trade, and external positioning
While acknowledging efforts to diversify the economy, Edun reaffirmed the importance of oil revenue. Plans are in place to increase domestic refining capacity to 1.2 million barrels per day and create a secure, investor-friendly environment in the oil sector. He urged exporters to focus on domestic and regional markets to mitigate the effects of global shocks, such as the US's recent tariff policies.
Youth empowerment and innovation
Highlighting Nigeria's young population, with an average age of 16.9 years and over 600,000 graduates annually, Edun stressed the need for youth-focused economic policies. He pointed to upcoming funding mechanisms to support young entrepreneurs and the recent launch of a national sports empowerment programme by President Tinubu in Ogun State.
A call for partnership
Edun concluded by calling for greater equity investment, privatisation, and strategic partnerships, reaffirming the government's commitment to fostering a business-friendly environment and sustainable, inclusive growth. Nigeria is poised to unlock its full economic potential and secure a brighter future for future generations.
