FG Economic Reforms in Focus as HM Wale Edun Discusses Nigeria's Progress at World Bank Event

On Thursday, Honourable Minister of Finance Wale Edun took center stage at the launch of the October 2024 edition of the Nigeria Development Update (NDU) in Abuja. The bi-annual report, titled “Staying the Course: Progress Amid Pressing Challenges,” provides a comprehensive analysis of Nigeria's economic development and ongoing reforms.

During a panel discussion, HM Wale Edun addressed key economic challenges and outlined the government’s efforts to create a more business-friendly environment. He emphasized the importance of stabilizing the economy, citing significant improvements in GDP growth, a reduced budget deficit, and a return to orthodox monetary policy by the Central Bank of Nigeria (CBN).The Minister highlighted critical government initiatives, particularly in agriculture with the National Agricultural Growth Scheme – Agro-Pocket intervention, aimed at boosting productivity. Investments in the oil and gas sector, with contributions from industry giants TotalEnergies and ExxonMobil, were also discussed, alongside President Tinubu's strategies to revitalize manufacturing with incentives like concessional interest rates.

A notable moment in the discussion came when the Minister pointed to rising confidence from international investors, with JPMorgan's recent visit serving as a strong indicator of faith in Nigeria's economic future. Plans for long-term mortgage solutions to tackle housing needs and stimulate economic growth were also shared.

On the subject of fuel pricing, HM Edun confirmed that Nigeria now operates with a market-driven pricing model for Premium Motor Spirit (PMS) — a major reform after 40 years of regulated pricing. He noted that this shift has the potential to free up resources for crucial investments in education, infrastructure, and housing, all of which are critical for Nigeria’s long-term economic prosperity.