Nigeria Poised for Economic Resilience Amid Global Uncertainties, Says Finance Minister Edun
Nigeria’s economic outlook remains positive despite global uncertainties, according to Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. Speaking at the 2025 IMF and World Bank Spring Meetings in Washington, Edun reassured the international community that Nigeria is well-positioned to withstand the global economic challenges, including inflation, geopolitical tensions, and slowing growth. The minister emphasized Nigeria’s resilience and outlined the government’s ongoing efforts to tackle inflation, reduce unemployment, and create job opportunities, particularly through investment in digital infrastructure for youth empowerment.
The government’s collaboration with international organizations like the World Bank is focused on bringing inflation to single digits and boosting job creation, especially in the digital sector. Edun highlighted the progress in reducing Nigeria’s unemployment rate, which fell to 4.3% in the second quarter of 2024, signaling that ongoing reforms are yielding positive results. The Minister also praised President Bola Tinubu’s economic reform agenda, describing its impact as commendable for the country’s economic stability.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, joined Edun in stressing the administration’s commitment to tackling inflation. Cardoso acknowledged the challenges posed by the reform process but emphasized their positive outcomes, noting the significant strides Nigeria has made in boosting investor confidence and improving its economic fundamentals. He pointed to the success of the high-level Nigeria Investment Forum in New York, which bolstered investor trust and underscored Nigeria’s renewed standing as a top investment destination.
Cardoso also revealed that Nigeria recorded a balance of payments surplus of $6.83 billion in 2024, thanks to increased exports and capital inflows, which have helped stabilize the naira and reduce exchange rate disparities. He further highlighted the ongoing banking sector recapitalization as a crucial part of Nigeria’s plan to achieve a $1 trillion economy by 2030. The Nigerian delegation, which included senior officials such as DMO Director-General Patience Oniha, engaged with global investors and multilateral organizations to showcase Nigeria’s progress and solidify international partnerships.
Source: The sun