Minister Edun unveils bold economic vision at IMF presentation, highlights stabilising currency, reform gains, and investment opportunities.
Nigeria is setting its sights on a 7 per cent annual economic growth rate as part of a comprehensive strategy to attract robust investments and lift millions out of poverty, according to Wale Edun, the Coordinating Minister of the Economy.
Speaking at an investor presentation at the headquarters of the International Monetary Fund (IMF) in Washington, D.C., Edun outlined the Federal Government’s commitment to sweeping reforms designed to drive sustainable economic expansion.
“Nigeria has attained its fastest growth rate in years,” Edun said. “To maintain this trajectory—with a target of 7 per cent annually—we are implementing reforms that will not only attract investments but also help lift a substantial number of Nigerians out of poverty.”
He highlighted recent achievements, including a 3.84 per cent GDP growth in Q4 2024, the strongest quarterly performance in three years. According to the minister, this positive momentum is underpinned by deliberate policy shifts, including the removal of fuel subsidies and the adoption of market-based petrol pricing.
On the monetary front, Edun noted that efforts are focused on price stability and taming inflation, with encouraging results already showing. “The naira has stabilised in recent months, despite regional currency volatility. The premium between the official and parallel market exchange rates has narrowed to just 4 per cent, and foreign exchange flows into the economy have improved significantly,” he stated.
Despite these gains, challenges remain. The IMF recently projected that Nigeria’s headline inflation will average 26.5 per cent in 2025 and could reach 37 per cent by 2026. In addition, falling global demand for oil—a key revenue source—poses a risk to the country’s fiscal outlook.
Acknowledging these concerns, Edun said the government is adopting a pragmatic approach to manage its revenue shortfalls. “In the face of declining oil prices, we are prioritising statutory obligations while exploring asset optimisation strategies to close fiscal gaps,” he explained.
The minister assured investors that Nigeria remains committed to transparency, macroeconomic stability, and reform-driven growth. “Our ambition is matched by action. These reforms are not just policy pronouncements—they are being implemented with discipline and urgency,” he said.
