Edun highlights Nigeria’s economic progress, challenges
Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Abdullateef Fowewe
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a cautiously optimistic overview of Nigeria’s economic journey under President Bola Tinubu’s administration.
Reflecting on the past and present, Edun in a write-up on noted, “I often feel a mix of emotions: deep pride in our national journey, regret over the opportunities we failed to seize, and confidence in our direction of travel today.”
He acknowledged the tough beginnings, noting that “When President Bola Ahmed Tinubu took office in 2023, Nigeria’s economy was on the brink of fiscal collapse.”
He stressed that two years into the administration, the economic indicators show clear signs of improvement. GDP growth reached 4.23 percent in Q2 of 2025, inflation is declining after months of easing to 18.02 percent, and the currency exchange rate gap “has narrowed to about 1 percent, down from a peak of nearly 70 percent.” Foreign reserves have increased to over $43 billion, the highest since 2019.
Despite these gains, Edun underlined that the economy’s impact on everyday Nigerians remains paramount noting, “Millions of Nigerians measure progress by the cost of food, transport, and other necessities…A bag of rice that cost about ₦120,000 last year now averages around ₦80,000.”
He assured that agricultural support programs are in place to sustain smallholder farmers.
Addressing fiscal challenges, Edun candidly noted, “Debt service costs remain heavy, consuming a larger-than-ideal share of our revenues,” and highlighted the need to grow Nigeria’s low fiscal revenue-to-GDP ratio of about 10 percent.
He pointed to the new Nigeria Tax Act, signed in June 2025, which will take effect in 2026, aiming to “broaden the tax base, simplify compliance, and reduce leakages.”
The minister also outlined plans to anchor growth in key sectors like oil and gas, agriculture, technology, and infrastructure, citing major projects like the Ajaokuta–Kaduna–Kano gas pipeline and a nationwide fiber expansion under Project Bridge.
Summing up the outlook, Edun urged unity and vigilance: “The clearest sign that Nigeria is on the right path is the return of confidence. But confidence is fragile. Sustaining it demands a predictable policy environment, disciplined fiscal management, and steady progress in reducing inflation.”
His medium-term target is ambitious: “Our medium-term target is 7 percent growth by 2027/28. if we work together, we will not only meet this target but surpass it.”
He closed with a hopeful vision: “Nigeria’s next decade will be one of shared prosperity and renewed hope.”
