FG Charts Path to 7% Economic Growth: EMT Strategizes Inclusive Reforms for National Development
The Federal Government has tasked the Economic Management Team (EMT) with designing a strategic roadmap aimed at achieving a 7% medium-term economic growth rate. At a strategic session in Abuja, Finance Minister and Coordinating Minister of the Economy, Wale Edun, led the discussions on advancing inclusive, sustained economic development. This new phase will prioritize fiscal discipline, sector-specific policies, and targeted investment incentives to strengthen the nation’s economic foundation.
Key highlights from the EMT meeting included a focus on improving Nigeria’s sovereign credit ratings to reduce borrowing costs and boost investor confidence. Subcommittees within the EMT were assigned to develop actionable policies that would drive growth across both macroeconomic and sectoral fronts. These measures will align with the administration’s broader objectives to stabilize and accelerate economic performance for the benefit of all citizens.
The roadmap emphasizes unlocking pension funds for infrastructure, boosting oil production, lowering exploration costs, and drawing in both domestic and foreign investment. The EMT also underlined the importance of transparent communication with stakeholders and a more data-driven approach to policy implementation by government agencies. Innovation in sectors like agriculture and telecommunications was cited as pivotal to enhancing productivity and broadening economic participation.
Minister Edun highlighted recent macroeconomic gains under the Tinubu administration, including improved fiscal revenue and a narrowing budget deficit. He also pointed to Nigeria’s upgraded credit ratings and praised the Central Bank of Nigeria (CBN) for its transparent foreign exchange reforms, which have significantly reduced the exchange rate premium. These developments, he said, reflect growing global confidence in Nigeria’s reform agenda.
Despite these improvements, the EMT acknowledged ongoing global economic uncertainties and domestic constraints such as lower oil prices. Edun stressed the urgency of spurring private sector growth and job creation to support Nigeria’s expanding labor force. The EMT also explored how disaggregated poverty data could enhance targeted social support. The finalized roadmap will guide the next phase of the Tinubu administration’s economic strategy, aiming to deliver inclusive, long-term growth and renewed investor confidence.
Source: The Nation