Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, reiterated President Bola Tinubu’s commitment to reduce poverty in Nigeria via smart economic reforms and investments.
On Monday, Edun spoke at the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, emphasizing the administration’s goal on promoting economic growth through local and foreign private sector investments. These initiatives seek to increase productivity, create employment, and promote sustainable development.
Tackling Economic Challenges
Edun acknowledged that the Tinubu administration inherited both assets and liabilities but has taken bold measures to stabilize the economy.
“President Tinubu is leaving no stone unturned in ensuring that Nigerians experience improved living conditions through policies and programs designed to benefit all,” Edun said. “The administration is working tirelessly to attract investments, enhance productivity, and lift millions out of poverty.”
Ending Inefficient Subsidies
The Minister emphasized the significance of recent macroeconomic reforms, including the removal of fuel and foreign exchange subsidies.
“These subsidies, which previously consumed 5% of the nation’s GDP annually, disproportionately benefited a select few individuals and neighboring countries while offering little value to most Nigerians. Their removal has freed up resources now flowing to federal, state, and local governments,” he explained.
According to Edun, the funds saved from these reforms are being redirected to critical sectors such as infrastructure, education, and healthcare, which will ultimately enhance the quality of life for Nigerians.
Attracting Investments for Growth
Edun highlighted Nigeria’s efforts to create a stable and sustainable economic environment attractive to private investors. He noted that the industrial sector, in particular, stands to benefit as the country advances toward local refining of crude oil.
“This shift will not only meet domestic petroleum needs but also provide raw materials for industries, allowing businesses to compete effectively in both domestic and export markets,” Edun stated.
Building Partnerships for Progress
Bauchi State Governor, Bala Mohammed, also addressed the conference, describing it as a crucial platform for addressing Nigeria’s economic challenges through collaboration.
“Hosting the NACOFED conference is a privilege that underscores the collective commitment of stakeholders to advancing Nigeria’s financial and economic landscape,” Mohammed said. “I encourage participants to contribute constructively for the betterment of all Nigerians.”
He assured attendees that Bauchi’s administration made every effort to ensure a successful event, reflecting the state’s hospitality and commitment to national development.
The conference, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development,” brought together key stakeholders to discuss innovative strategies for overcoming Nigeria’s economic challenges.
