Nigeria’s Economic Management Team (EMT), led by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has unveiled bold strategies to stabilize the country’s foreign exchange (FX) market and drive economic growth.
At a high-level meeting in Abuja, the Central Bank of Nigeria (CBN) presented a series of reforms aimed at improving FX market efficiency, boosting liquidity, and restoring investor confidence. The Ministry of Agriculture also provided updates on agricultural performance and plans to strengthen food security in 2025.
Director of informagion and Publlic relations, Muhammed Manga in a statement indicated the Apex Bank highlighted key reforms, including the launch of the Electronic Foreign Exchange Matching System (EFEMS) to enhance transparency and efficiency in the FX market.
To stabilize financial markets, the bank announced the phasing out of high-interest FX swaps and revealed that 80% of FX forward obligations had already been settled.
These measures, alongside maintaining robust external reserves, the statement indicated have contributed to improved liquidity and exchange rate appreciation.
The reforms reflect the government’s commitment to strengthening economic resilience and creating a more transparent and efficient FX market to support sustainable growth.
The Ministry of Agriculture reported a 4.5% increase in crop production during the 2024 wet season but acknowledged rising production costs and food price inflation.
Maize production costs surged by 69.7%, while cowpea prices spiked by 300%, exacerbating food crises in 31 states, especially in the North East.
The statement indicated that Mechanization improved marginally, with 2% growth in tractor use and a 2.3% increase in cultivated farmland.
Looking ahead, the government plans to scale up hybrid seed production and climate-smart technologies, Promote export crops such as cocoa, sesame, and ginger to boost revenue, invest in rural infrastructure, including cold chain facilities feeder roads, and electrification to support farming and reduce post-harvest loses.
Edun commended the CBN’s reforms and agricultural progress, urging stakeholders to build on the momentum.
“We remain focused on ensuring stability in the FX market, enhancing food security, and fostering sustainable growth. These reforms align with President Bola Ahmed Tinubu’s Renewed Hope Agenda and will deliver affordable food and improved living standards for Nigerians,” he said.
With ongoing reforms in the FX market and agriculture, the EMT expressed confidence in Nigeria’s ability to overcome current economic challenges and achieve long-term prosperity