The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the ongoing reforms have positioned Nigeria to better withstand external shocks and sustain economic progress, even as the Middle East crisis drives global fuel and food prices higher. Edun made the remarks while leading Nigeria’s delegation to the International Monetary Fund and World Bank Group spring meetings in Washington, where he is also scheduled to chair the G24 and engage global stakeholders to showcase Nigeria’s reform progress.
In a statement issued by his Special Adviser, Ogho Okiti, Edun said that in spite of rising global fuel and food prices, government policies are cushioning the impacts, maintaining stability, and ensuring that economic reforms continue to deliver long-term benefits for households and businesses. He noted that higher crude oil prices, with Bonny Light exceeding $110 per barrel, present opportunities to boost national revenues, strengthen foreign exchange earnings, and support fiscal sustainability.
The minister said proactive measures are being taken to manage rising fuel, diesel, and gas prices, ensuring supply stability while mitigating cost pressures and safeguarding economic activities across key sectors. He added that Nigeria’s strong policy framework is helping maintain investor confidence, even as global capital flows tighten, positioning the country as an attractive destination for long-term investments.
Edun highlighted that reforms since 2023, including subsidy removal and exchange rate liberalisation, have strengthened economic fundamentals, improved transparency, and enhanced resilience against global economic disruptions. Oil production has risen to about 1.86 million barrels daily, while the Naira-for-crude initiative is supporting domestic refining, improving energy security, and reducing pressure on consumers. He also noted that Nigeria’s reclassification as a Frontier Market by FTSE Russell underscores growing investor confidence, while tariff reforms are boosting industrial productivity and expanding trade competitiveness.
The minister reaffirmed the government’s commitment to ensuring reforms translate into tangible benefits, driving job creation, reducing poverty, and building a resilient, inclusive economy for sustainable national prosperity. He also stated that Nigeria would advocate for supportive global financial conditions, increased investment flows, and collaborative efforts to sustain reforms and unlock growth across developing economies.
