Nigeria’s economic future took center stage as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, unveiled a bold economic strategy at the 2025 KPMG Arise TV Budget News Day.
According to a statement from the Director of Information and Public Relations, Mohammed Manga, the minister outlined the federal government’s fiscal priorities and economic vision for the coming year.
He emphasized the administration’s commitment to fiscal discipline, revenue expansion, and a business-friendly investment climate.
Edun projected a 4.6% GDP growth for 2025, with a long-term target of 7% annually, a crucial benchmark for poverty reduction and sustainable development.
He stressed that macroeconomic stability remains a top priority, citing exchange rate stability, trade surpluses, and increased oil production as key indicators of Nigeria’s strengthening economy. Additionally, he revealed that foreign reserves have now exceeded $40 billion, signaling renewed investor confidence in government policies.
A major highlight of Edun’s speech was the critical role of the private sector in accelerating economic expansion.
He emphasized that public-private partnerships (PPPs) would be pivotal in closing Nigeria’s $100 billion annual infrastructure investment gap. Landmark projects such as the Benin-Asaba Highway and Lagos-Abeokuta Road will be developed under PPP frameworks, enhancing connectivity, reducing travel time, and driving economic productivity.
The minister also stressed the importance of domestic refining, with the Dangote Refinery leading Nigeria’s efforts to process crude oil locally. This shift is expected to cut reliance on imports, strengthen energy security, and boost economic resilience.
Edun addressed ongoing fiscal reforms, highlighting the government’s focus on expanding the tax base, streamlining revenue collection, and fostering a business-friendly tax system. He assured that taxation policies would balance investment incentives with the need for sustainable public financing.
In closing, Edun reaffirmed the federal government’s commitment to economic transformation, emphasizing policies aimed at stability, private sector-led growth, and long-term national development.
With these strategic reforms, Nigeria is poised for sustained economic progress, setting the stage for a more prosperous and resilient future.