Wale Edun, Nigeria’s Coordinating Minister of the Economy, declared at the IMF headquarters investor presentation that the government is laying a robust foundation to attract substantial investments and aiming for a 7 per cent annual growth trajectory.
“ Nigeria has attained the fastest growth rate in years. To maintain that growth trajectory (7 percent per annum is the target, plan), which will leave a substantial number of Nigerians out of poverty,” he said.
Emphasised the unwavering commitment to ongoing reforms, including the removal of fuel subsidies and the implementation of market-based petrol pricing.
He said that Nigeria has already achieved its fastest growth rate in years, and these strategic measures are crucial to maintaining this momentum and significantly reducing poverty across the nation.
In the fourth quarter of 2024, Nigeria’s economy accelerated to 3.84 per cent, marking its most robust growth in three years.s
The minister said that on the monetary side, the focus is on the core mandate of price stability and anchoring inflation.
“ The naira has stabilised over the last few months despite volatile currencies in the region. Reduction of the premium between official and black market down to 4 percent. FX flows through the economy have improved,” the finance minister said.
Yesterday, the International Monetary Fund IMF projected that Nigeria’s headline inflation will average 26.5 per cent in 2025 and 37 per cent by 2026.
The fund also said that the drop in demand for Nigeria’s oil poses a challenge to Nigeria’s revenue and thus the sovereign risk of Nigeria.
Edun said that in the face of the oil price slump, statutory payments will be prioritised and optimisation of assets is another of close the deficit for the government.
