WorldStage– Nigeria’s economy has been “reset” following bold reforms initiated by the President Bola Tinubu-led administration as the country had moved from a “broken system” toward a path of sustainable growth.
Speaking on behalf of the Federal Executive Council (FEC) at the 8th APC National Convention on Friday in Abuja, Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy noted that the country had moved from a “broken system” toward a path of sustainable growth.
He said the administration inherited a complex mix of assets and liabilities, characterised by years of neglect of economic realities, including the lack of local crude refining and distortions in the foreign exchange market.
“For many years, there was neglect of those economic realities that meant that the economy was going in the wrong direction.
“We did not have refining of local crude. We did not have a free market in foreign exchange or even petroleum products and so on and so forth.
“However, what that meant was that we could not attack poverty, and more and more mouths needed to be fed, and poverty was not reducing.
He said with the president’s support, the administration has faced the moment of reckoning, accepted not to continue with a broken system, and taken bold steps to fix it.
“So, by choosing to act, you chose courage over comfort, you chose reform over delay, and you chose Nigeria and the people of Nigeria over politics.
“These were not easy decisions, but they were necessary, and what we have done is to reset Nigeria’s economy.
“We have built economic foundations, removed distortions, improved the fiscal situation, and rebuilt credibility, both among Nigerians—the women, the youth, the ordinary people—as well as our international partners and investors,” Edun said.
The Minister provided an update on the country’s macroeconomic performance, noting a significant improvement in the Gross Domestic Product (GDP) growth rate.
According to Edun, the economy has strengthened from a previous two per cent growth rate to the current four per cent per annum.
He, however, noted that the government’s medium-term target remains seven per cent to effectively pull millions of Nigerians out of poverty.
“The hardship we see today is the cost of correcting past imbalances.
“What matters is the direction of travel. Stability is returning, and confidence is rebuilding among both Nigerians and international investors,” he said.
The Minister reiterated the administration’s commitment to transforming Nigeria into a one trillion dollar economy, highlighting key sectors to drive the vision.
He said the government in collaboration with the World Bank and private sector asset managers would work together to boost electricity supply.
He also identified the agriculture sector, citing the recent approvals for increased support to farmers and small-scale industries through the Bank of Industry (BoI).
He added that government would embark on large-scale investments in data, automation, and fiber optics to empower youth and provide alternatives to the “Japa” syndrome by enabling remote service exports.
Edun commended the President for enhancing national unity, noting that the APC’s growth from 21 to 31 state governors in less than three years was a testament to the “unity of purpose” propelled by the administration.
He urged Nigerians to “stay the course” as the nation transitions from economic stabilisation to what he described as the “gold standard” of development.
“The giant has reawakened. We must rise to the challenge of building a vibrant economy that provides jobs and reduces poverty for all,” the Minister added.
