Hardship price of economic reforms, Nigeria now stabilising — Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s economy is gradually stabilising and showing signs of recovery despite the current economic hardship facing citizens.

Edun spoke on Friday in Abuja at the national convention of the All Progressives Congress (APC), where he represented the Federal Executive Council (FEC).

Addressing party members, the minister defended the ongoing economic reforms of the Federal Government, describing the present hardship as a necessary consequence of efforts to correct long-standing structural problems in the economy.

“The hardship we see today is there, but it is the cost of correcting imbalances. What matters is the direction of travel,” Edun said.

He noted that early signs of improvement are already visible, particularly in economic growth figures.

“Growth has strengthened. It has doubled from about 2 percent previously to now about 4 percent per annum, which is still not enough,” he added.

According to the minister, the government is targeting a medium-term growth rate of about 7 percent, which he said is essential for reducing poverty and improving the standard of living.

Edun also said the reforms have helped to restore confidence in the Nigerian economy, improve government finances, and attract both local and foreign investors.