The Nigerian government promised to reduce inflation, creating more jobs

The Minister of Finance and the Coordinating Minister for Economic, Wale Edun, said on Saturday that the Federal government plans to reduce inflation to one digit and create more work in the country.

Edun stated this at a press conference handled by the Nigerian Economic Team, as part of the activity that marked the end of the 2025 International Monetary Fund (IMF) and the World Bank Spring Meeting in Washington DC

He said the government collaborated with development partners such as the World Bank to create jobs for Nigerians in pursuing sustainable work and eradicating poverty.

The minister said: “The aim is to create locally employment, empower young people, and support them through important infrastructure.

“That includes digital infrastructure, access to data, internet, and optical fiber data, to allow them to work remotely.”

Edun said that the country’s unemployment rate had fallen to 4.3 percent in the second quarter of 2024 from 5.3 percent in the first quarter of the same year.

He stressed that Nigeria has a good position to survive economic shocks despite increasing tension, inflation, and decreased global growth.

The minister believes that the reform of the Tinubu Bola President was successful, and the results were worth praised.

The Governor of the Central Bank Nigeria (CBN), Olayemi Cardoso, said the government acknowledged the impact of inflationary pressure on the country.

“We realize that inflation remains the most disturbing force for Nigerian economic welfare.

“Our policy attitude is focused strongly to reduce inflation to one digit on a sustainable manner in the medium term,” Cardoso said.

The CBN Governor said that the painful reforms that the country began now produced positive results.

“At the IMF meeting, the nation is a reference point on how reforms can change the economic path of a country for the better.

“Reformation is not easy, but they give results. We have switched from the position of vulnerability to one of the strengths that grow,” he added.

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