The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has stated that with the most challenging stage of attaining growth now past, the country is now walking steadily on the path of economic recovery
Making this disclosure on Monday, the Minister pointed out that President Bola Tinubu’s approach to economic development by means of radical and holistic reforms has enabled the the growth.
He said, “Stability is now assured, following years of fiscal distress.
Edun made this disclosure in a statement titled: “Nigeria Turns Towards Prosperity,” published on X.
He said, “I believe the most difficult phase of our economic journey is behind us. Nigeria has turned a decisive corner.”
“The road ahead will demand hard work and discipline. But we are firmly on the right path.”
The Minister recalled that when President Tinubu assumed office in 2023, the economy was battling an existential crisis. Hit by slow growth, hyperinflation as well as headwinds from costly petrol subsidies and multiple exchange rate regimes that were keeping investors at bay.
According to him, the administration’s early decisions in ending subsidy spending and unifying exchange rates were difficult but crucial to restoring stability and attracting private investment.
“Two years on, the outcomes of those choices are noticeable at the macro level,” he pointed out.
He also drew attention to the 4.2 per cent GDP growth rate recorded in the second quarter, inflation currently at 18 per cent after six months of decline. And the foreign reserves’ jump to a peak of $43 billion since 2019 as obvious wins.
Edun, nevertheless, acknowledged that for most citizens, progress is measured not by data but by the price of food and transport.
He said, “Food inflation has been our heaviest burden.”
He, however, added that targeted measures are beginning to ease pressure.
“A bag of rice that cost about N120,000 last year now averages around N80,000,” he said.
According to him, 8.1 million households have received direct cash transfers to cushion the impact of tough reforms. And efforts are under way to reach 15 million in all once identity verification challenges are resolved.
The Minister pointed out that the Government is focusing on real sectors, comprising oil and gas, agriculture, manufacturing, technology and mining to create jobs and expand exports.
Edun cited a rebound in crude production to 1.7 million barrels per day progress on refinery projects. He also pointed to projects such as the Ajaokuta–Kaduna–Kano gas pipeline and Project Bridge’s 90,000 km fibre expansion as evidence of the momentum in growth.
“The clearest sign that Nigeria is on the right path is the return of confidence. But confidence is fragile. Sustaining it demands a predictable policy environment, disciplined fiscal management, and steady progress in reducing inflation,” he said.