LAGOS, Nigeria(VOICE OF NAIJA)- Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country has embarked on a new economic trajectory following major policy changes introduced by the administration of President Bola Tinubu.
Speaking on behalf of the Federal Executive Council at the 8th APC National Convention in Abuja, Edun described the current phase as a turning point, moving the nation away from long-standing structural inefficiencies toward a more sustainable growth model.
He pointed to years of economic misalignment, including the absence of domestic crude refining capacity and persistent distortions in the foreign exchange market, as key factors that weakened the system.
“For many years, there was neglect of those economic realities that meant that the economy was going in the wrong direction. We did not have refining of local crude. We did not have a free market in foreign exchange or even petroleum products and so on and so forth. However, what that meant was that we could not attack poverty, and more and more mouths needed to be fed, and poverty was not reducing,” he said.
However, Edun emphasized that the current administration made a deliberate break from past practices, opting for reforms despite the immediate challenges they present.
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“So, by choosing to act, you chose courage over comfort, you chose reform over delay, and you chose Nigeria and the people of Nigeria over politics. These were not easy decisions, but they were necessary, and what we have done is to reset Nigeria’s economy. We have built economic foundations, removed distortions, improved the fiscal situation, and rebuilt credibility, both among Nigerians, the women, the youth, the ordinary people as well as our international partners and investors,” Edun stated.
The minister also highlighted measurable improvements in macroeconomic indicators. He noted that the country’s Gross Domestic Product (GDP) growth has risen from about two percent to approximately four percent annually, while maintaining that a seven percent target remains essential to significantly reduce poverty levels.
“The hardship we see today is the cost of correcting past imbalances. What matters is the direction of travel. Stability is returning, and confidence is rebuilding among both Nigerians and international investors,” he noted.
In outlining the administration’s forward strategy, Edun identified critical sectors expected to drive expansion. These include electricity through collaboration with the World Bank and private investors, alongside agriculture, where increased funding is being channeled via the Bank of Industry (BOI).
Additionally, the government plans to scale investments in digital infrastructure, including data systems, automation, and fiber optics, to create opportunities for young Nigerians and reduce reliance on migration for economic survival. Edun also linked the administration’s economic agenda to broader political cohesion, noting that the ruling party’s expansion in state-level leadership reflects a strengthening national alignment.
He urged citizens to remain patient through the transition period, stressing that current difficulties are part of a longer-term adjustment toward stability and prosperity.
“The giant has reawakened. We must rise to the challenge of building a vibrant economy that provides jobs and reduces poverty for all,” the Minister said.
(NAN)
