Nigeria’s economic reforms are durable and self-sustaining – Edun

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, said on Saturday that the reforms initiated by the current administration are long-term, self-sustaining, and aimed at transitioning Nigeria from economic viability to growth.

Edun conveyed this in a press conference at the ongoing World Bank and International Monetary Fund (IMF) Spring Meetings in Washington, DC.

He pointed out that the reforms implemented since mid-2023 have stabilized the economy and put it in a position to be resilient to external shocks.

The minister noted that the meeting was held amidst global export tensions, trade uncertainty, and tightening financial conditions affecting economies across the world.

“Building prosperity through policy reflects Nigeria’s commitment to credible and disciplined macroeconomic reform,” Edun said.

He said Nigeria was in a better position to withstand external shocks due to ongoing reforms.

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He added that market-based foreign currency and fuel pricing systems also stabilized the economy.

The minister noted that although inflation remains a major risk, driven by energy, food and logistics costs, the government is implementing targeted social protection and agricultural interventions.

Edun said at the meeting that the government was also maintaining fiscal discipline, and shelving the inefficient subsidy regime.

“Economic growth has exceeded four percent, while foreign exchange reserves reached around 50 billion dollars. Inflation is gradually decreasing, while government debt remains at a sustainable level.

“Reforms increase domestic production and private sector confidence,” he said.

The minister listed investments such as the Dangote Refinery as indicators of progress.