Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria is now on a path of stabilisation and recovery.
Edun spoke at the All Progressives Congress (APC) national
convention, in Abuja on Friday.
The minister, who spoke on behalf of the federal executive
council (FEC), defended the current economic hardship in the country,
describing it as a necessary consequence of reforms aimed at correcting
long-standing structural distortions, while insisting that the economy is
beginning to recover.
“The hardship we see today is there, but it is the cost of
correcting imbalances. What matters is the direction of travel,” he said.
Edun added that the reforms have begun to yield results,
with economic growth strengthening from about 2 percent in previous years to
approximately 4 percent currently.
“Growth has strengthened. It has doubled from about 2
percent previously to now about 4 percent per annum, which is still not
enough,” he said.
The minister said the government is targeting a growth rate
of about 7 percent in the medium term, which he noted is necessary to
significantly reduce poverty and improve living standards.
Edun also said the reforms have helped to restore
credibility in the economy, improve fiscal conditions, and rebuild confidence
among both domestic and international investors.
According to him, the government has moved to eliminate
distortions in key sectors, including foreign exchange and petroleum, which he
said had previously weakened the economy and limited its ability to tackle
poverty effectively.
“We did not continue with a broken system. We chose to act.
We chose reform over delay and Nigeria over politics,” he said.
The minister added that Nigeria is now laying the foundation
for long-term growth, including a target of building a $1 trillion economy,
supported by investments in power, agriculture, and the digital economy.
He said efforts are underway to attract private sector
investment into the power sector through new financing structures, while also
expanding support for farmers and strengthening industrial financing through
institutions such as the Bank of Industry (BoI).
Edun also highlighted the role of the digital economy in
driving job creation, particularly for young Nigerians, noting that investments
in data infrastructure and technology could enable more Nigerians to earn
income remotely.
The minister added that Nigeria must move from stabilisation
to growth, from hardship to opportunity, and from potential to prosperity.
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