President Bola Tinubu’s economic reforms are being described as long-lasting and capable of sustaining themselves, with a clear focus on moving Nigeria beyond mere survival toward steady growth and development.
This position was shared by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a press briefing at the ongoing Spring Meetings of the World Bank and the International Monetary Fund in Washington, DC.
According to Edun, the reforms introduced since mid-2023 have helped stabilise the Nigerian economy and made it more resilient in the face of global economic pressures. He pointed out that the meetings were taking place during a period marked by export tensions, uncertainty in global trade, and tighter financial conditions affecting many countries.
“Building prosperity through policy, reflects Nigeria’s commitment to credible and disciplined macroeconomic reforms,” Edun said.
He explained that Nigeria is now better positioned to absorb external shocks due to consistent policy adjustments. Key among these changes are the adoption of market-driven foreign exchange policies and the removal of fuel subsidies, both of which he said are helping to bring stability to the economy.
While acknowledging that inflation remains a concern, largely driven by high energy, food, and transportation costs, Edun noted that the government is addressing these challenges through targeted social support programmes and agricultural interventions aimed at boosting food supply.
He also stressed that fiscal discipline remains a top priority, with the government moving away from inefficient subsidy systems that strain public finances.
“The economic growth have exceeded four per cent, while reserves reached about 50 billion dollars. Inflation is gradually declining, while public debt remains within sustainable levels.
Reforms are boosting domestic production and private sector confidence,” he said
Edun highlighted major investments, including the Dangote Refinery, as clear signs of progress. He added that small and medium-sized enterprises are also benefiting from improved incentives designed to support business growth.
“Nigeria is transitioning from stabilisation to growth acceleration and job creation. Some key growth drivers are power, agriculture, infrastructure, and digital innovation,” he said.
He further revealed that development partners have continued to show strong support for Nigeria’s reform agenda, with increasing investor interest in sectors such as energy, agriculture, and infrastructure. Nigeria is also advocating for global reforms that would reduce borrowing costs for developing countries.
“Nigeria’s global economic standing is improving, with reforms gaining recognition.
“I am confidence that reforms will drive sustainable growth and reduce poverty,” the minister said.
Edun commended the Nigerian delegation at the meetings and reaffirmed the Federal Government’s commitment to attracting investment and strengthening international partnerships.
In a similar vein, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, reiterated the country’s dedication to maintaining economic stability and continuing reforms. He said the meetings provided an opportunity to assess Nigeria’s progress and strengthen institutional frameworks.
Despite ongoing global challenges, including geopolitical tensions and inflationary pressures, Cardoso stated that Nigeria has managed to cushion the impact of external shocks through improved exchange rate stability and stronger foreign reserves.
He emphasised the importance of sustaining reforms to build long-term investor confidence and ensure economic resilience.
Cardoso also pointed to the banking sector recapitalisation programme, which raised N4.65 trillion, as a major step toward strengthening the financial system.
“As of the March 31, deadline, banks have mobilised a total of N4.65 trillion in new capital, strengthening the resilience of the financial system and enhancing its capacity to support the economy, with 33 banks meeting the new threshold.
“The programme recorded strong participation from both domestic and international investors, with 72.55 per cent of capital sourced locally and 27.45 per cent from international markets, reflecting sustained confidence in the Nigerian banking sector,” Cardoso said.
He concluded by affirming Nigeria’s commitment to maintaining a stable financial system, expressing confidence that ongoing reforms will continue to drive growth and attract investment into the economy.
