The Nigerian government says its ongoing economic reforms are beginning to deliver results, with improvements in stability, investor confidence, and overall economic performance.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated during a press briefing on the sidelines of the World Bank and International Monetary Fund spring meetings in Washington D.C. that the policy direction adopted since 2023 was designed as a long-term shift rather than short-term fixes, aimed at repositioning the economy for sustainable growth.
He explained that the reforms were intentionally structured to strengthen resilience against global economic shocks, especially at a time when many countries are facing tighter financial conditions, trade disruptions, and external uncertainties.
According to him, key policy moves such as changes in the foreign exchange framework and the removal of fuel subsidies were necessary steps to correct long-standing imbalances and improve how the economy responds to external pressures.
He acknowledged that inflation remains a concern, driven by rising energy costs, food supply challenges, and transportation expenses. However, he noted that the government is implementing targeted support measures for vulnerable citizens while also working to increase agricultural production.
He added that improved fiscal discipline has allowed government spending to be more efficient following the end of subsidy-related costs.
On economic performance, he said Nigeria is now recording stronger growth above four percent, with external reserves rising close to $50 billion and inflationary pressures beginning to ease. He also maintained that the country’s debt position remains manageable.
He further highlighted renewed investor confidence, pointing to large private sector projects such as the Dangote Refinery as signs of stronger economic participation. Small and medium businesses, he said, are also benefiting from ongoing reforms aimed at improving the business environment.
He expressed optimism that key sectors such as power, agriculture, infrastructure, and technology will drive the next phase of economic expansion, with increased job creation expected.
He also noted continued international support for Nigeria’s reform agenda and growing investor interest in energy and agribusiness.
Central Bank Governor, Olayemi Cardoso, also reaffirmed that monetary authorities are fully aligned with the reform programme, emphasizing that stability remains a key priority.
He said that despite global inflationary pressures and geopolitical risks, Nigeria has managed recent economic challenges more effectively, supported by improved exchange rate conditions and stronger reserves.
He stressed that consistency in policy implementation is essential for sustaining investor confidence.
On the banking sector, he revealed that the recapitalisation exercise has attracted about N4.65 trillion in new capital, with most banks meeting the new requirements. This, he said, will strengthen the financial system and improve lending capacity to support economic growth.
Overall, both officials expressed confidence that continued reforms will further stabilise the economy, attract more investment, and promote long-term development.
