Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun says despite mounting global economic uncertainty, Nigeria remains firmly positioned to weather the storm and there is no need for Nigerians to panic over the current state of the economy.
Speaking during a press conference in Washington D.C. at the close of the 2025 IMF and World Bank Spring Meetings, Edun expressed confidence in Nigeria’s resilience despite worldwide inflation, geopolitical tensions, and declining growth.
Edun revealed that the Federal Government is working with international partners like the World Bank to lower inflation to single digits and drive job creation, particularly among the youth.
“The objective is to create jobs locally, empower youths, and support them through essential infrastructure. That includes digital infrastructure, access to data, internet, and fibre optic networks, to enable them to work remotely,” Edun explained.
He noted that Nigeria’s unemployment rate dropped to 4.3 percent in the second quarter of 2024, down from 5.3 percent in the first quarter — a sign that reforms are taking effect.
Edun also praised President Bola Tinubu’s economic reform agenda, describing the results so far as “commendable.”
Joining Edun, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, underscored the administration’s commitment to tackling inflation head-on.
“We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians. Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term,” Cardoso said.
Acknowledging the pain of economic reforms, Cardoso said they are already producing results.
“At the IMF meetings, the nation was a reference point of how reforms could change the economic trajectory of a nation for the better. The reforms are not easy, but they are delivering results. We have moved from a position of vulnerability towards one of growing strength,” he added.
Highlighting renewed investor confidence, Cardoso pointed to the high-level Nigeria Investment Forum hosted at the Nasdaq Market Site in New York.
“The New York forum delivered powerful outcomes. It significantly bolstered investor confidence in the country’s market fundamentals, with leading voices affirming the country’s economic progress and renewed standing as a compelling investment destination,” he said. Cardoso disclosed that Nigeria posted a balance of payments surplus of $6.83 billion in 2024, driven by rising exports and strong capital inflows — moves that have stabilised the naira, boosted investor trust, and narrowed the gap between the official and parallel market exchange rates. He also confirmed that the ongoing banking sector recapitalisation drive is gathering momentum.
“The banking sector recapitalisation is well underway, with strong momentum and stakeholder alignment,” Cardoso stated, reiterating that the initiative is part of plans to support Nigeria’s ambition to become a $1 trillion economy by 2030.
Senator Sani Musa, Chairman of the Senate Committee on Finance, echoed the optimism, commending the government’s efforts to restructure Nigeria’s fiscal framework and boost poverty reduction.
“The economic team of this administration is doing very well on the fiscal aspect of our economy, so that poverty will be reduced. I think we have done all the needful in terms of activities to the tax reform bills to make them workable,” Musa said. The Nigerian delegation to Washington D.C., led by Edun and including CBN Governor Cardoso, DMO Director-General Patience Oniha, and other senior officials, engaged fund managers, global investors, and multilateral organisations throughout the week.
Their mission was to solidify partnerships, forge new alliances and spotlight the real gains of Nigeria’s economic reforms on the global stage.
