Minister of Finance, Wale Edun, was a participant at the launch of the October 2024 edition of the Nigeria Development Update (NDU) in Abuja. The bi-annual report, 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.
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, Edun highlighted significant progress in stabilizing the economy. He pointed 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 highlighted notable investments in the oil and gas sector, including key projects by TotalEnergies and ExxonMobil. He also discussed President Tinubu’s initiatives to revitalize the manufacturing sector, emphasizing incentives such as concessional interest rates. Furthermore, the Minister pointed to 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 that this reform can transform the economy by freeing up resources for vital investments in education, housing, and infrastructure.
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