Finance minister insists growth is rebounding, investor confidence rising, and groundwork being laid for a $1 trillion economy……
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that the country is gradually moving out of economic turbulence and entering a phase of recovery, despite the ongoing hardship faced by citizens.
Speaking at the All Progressives Congress (APC) national convention in Abuja on Friday, Edun acknowledged the strain on Nigerians but framed it as a necessary consequence of bold economic reforms designed to fix long-standing structural problems.
“Yes, the hardship is real,” he said. “But it is the price we must pay to correct deep-rooted imbalances. What matters most is that we are now heading in the right direction.”
Signs of Recovery
According to the minister, early indicators suggest that the reforms are beginning to take effect. He pointed to a noticeable improvement in economic growth, which he said has risen from around 2 percent in previous years to approximately 4 percent.
While describing the progress as encouraging, Edun admitted it falls short of the government’s broader ambitions.
“Our goal is to reach about 7 percent growth in the medium term,” he said, noting that such expansion is critical to lifting millions out of poverty and improving overall living standards.
Reforms and Tough Choices
Edun defended the government’s policy direction, emphasizing that difficult decisions such as removing fuel subsidies and restructuring the foreign exchange system were unavoidable.
He argued that these reforms have helped eliminate distortions that previously weakened the economy and limited its capacity to deliver meaningful development.
“We made a deliberate choice not to continue with a broken system,” he said. “We chose reform over delay, and national interest over political convenience.”
Investor Confidence and Fiscal Stability
The minister also highlighted improvements in Nigeria’s fiscal outlook, saying recent policy changes have restored credibility and boosted investor confidence both locally and internationally.
According to him, these gains are already translating into stronger economic fundamentals, positioning the country for sustained growth.
The $1 Trillion Vision
Looking ahead, Edun outlined an ambitious roadmap centered on building a $1 trillion economy. Key sectors expected to drive this transformation include:
- Power – with new financing models to attract private investment
- Agriculture – through expanded support for farmers
- Industry – backed by institutions like the Bank of Industry
- Digital economy – leveraging technology and remote work opportunities
He stressed that investments in digital infrastructure could unlock new income streams, particularly for Nigeria’s youth, enabling them to participate in the global economy from anywhere.
From Hardship to Opportunity
Edun concluded with a message of cautious optimism, urging Nigerians to stay the course as reforms continue to unfold.
“We must move from stabilisation to growth, from hardship to opportunity, and from potential to real prosperity,” he said.
While many Nigerians continue to grapple with rising costs of living, the government maintains that the current pain is temporary and that the foundations being laid today will shape a more resilient and prosperous economy in the years ahead.
