President Bola Ahmed Tinubu’s administration is stabilizing Nigeria’s economy through significant socio-economic reforms, focusing on critical infrastructure projects to drive growth and create jobs. Finance Minister Wale Edun emphasized that while inflation remains a challenge, the government’s efforts to improve food availability and affordability are beginning to take shape. Edun stressed that although the benefits of these reforms will take time to manifest fully, the long-term effects will be positive, with a projected 3.5% GDP growth and an improved economic trajectory.
The government’s strategic interventions include support for farmers, cash transfers, and low-interest loans aimed at alleviating economic hardships. Tinubu’s ministers, including Dr. Bosun Tijani of the Ministry of Communications, are also focused on a trillion-dollar economy, targeting a 21% increase in GDP through continued reforms. Despite some concerns raised by lawmakers about inflation targets and fiscal challenges, Edun remains optimistic that Nigeria’s economic situation will improve as the administration prioritizes investments, particularly in digital and physical infrastructure.
In a broader context, Tinubu’s government is also addressing unemployment through various skill development programs. While senators expressed concern over the feasibility of achieving inflation goals, Edun defended the targeted 15% inflation rate by the end of 2025, attributing it to strong monetary policy frameworks and increased food production. The administration’s long-term vision aims to reduce Nigeria’s reliance on oil, fostering a more diversified and resilient economy.
Source: THE NATION