Wale Edun Highlights Nigeria’s Economic Progress at 2024 Development Update

Nigeria’s economic reforms are gaining traction, showing significant progress in stabilizing the economy, honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has indicated

Speaking at the launch of the October 2024 Nigeria Development Update (NDU) in Abuja, during a panel discussion on key economic issues, Edun highlighted improvements in GDP growth, a reduced budget deficit, and the Central Bank of Nigeria’s (CBN) return to orthodox monetary policy.

Director of Information and Public Relations, Mohammed Manga in a statement quoted the Minister to have emphasized the government’s commitment to maintaining stability and fostering growth, particularly through initiatives like the National Agricultural Growth Scheme – Agro-Pocket intervention.

The Minister pointed to substantial investments in the oil and gas sector from companies such as TotalEnergies and ExxonMobil, as well as President Bola Ahmed Tinubu’s efforts to rejuvenate the manufacturing sector with incentives like concessional interest rates.

Edun noted an increase in international investor confidence, citing a recent visit from JPMorgan as an encouraging sign.
He also outlined plans for long-term mortgage solutions aimed at addressing housing shortages while promoting economic growth, job creation, and poverty alleviation.

Regarding fuel pricing, Edun confirmed that Nigeria has adopted market pricing for Premium Motor Spirit (PMS) for the first time in 40 years, a reform expected to unlock resources for critical investments in education, housing, and infrastructure.

The biannual NDU report, titled Staying the Course: Progress Amid Pressing Challenges, provided an in-depth analysis of Nigeria’s development issues and the progress being made in overcoming them.