Economic reforms positioning Nigeria for long-term growth, says Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said Nigeria’s economic reforms are positioning the country for long-term growth under President Bola Tinubu.

Edun made this known during a press briefing at the Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington D.C., where he outlined the impact of recent policy measures.

He explained that the reforms introduced since mid-2023 were designed as long-term structural changes rather than temporary fixes, aimed at strengthening the economy and making it more resilient to external shocks.

The minister noted that the global economic environment remains uncertain, with trade disruptions, export tensions and tightening financial conditions affecting economies worldwide.

Within this context, he said Nigeria’s approach is anchored on disciplined macroeconomic management, with key reforms such as a market-reflective foreign exchange system and fuel price deregulation already helping to correct distortions in the economy.

Edun acknowledged that inflationary pressures persist, driven by energy costs and food prices, but said the government is implementing targeted measures to cushion the impact on citizens.

He added that economic growth has exceeded four per cent, external reserves have risen to about $50 billion, and investor confidence is improving, supported by major projects like the Dangote Refinery.

In the same vein, Central Bank Governor Olayemi Cardoso said ongoing reforms and banking recapitalisation, which has mobilised N4.65 trillion, are strengthening the financial system and positioning the economy for sustained growth.