Nigeria has successfully steered away from a looming fiscal crisis and is now on a path to economic stability, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced in a major briefing.
Speaking to selected media representatives, Edun highlighted key achievements, including a 3.84% GDP growth in the fourth quarter of 2024, a 20% increase in government revenue, and a narrowing budget deficit.
He credited these improvements to fiscal discipline, revenue reforms, and strategic economic policies.
Director of Information and Public Relations, Mohammed Manga, in a statement on Saturday quoted the minister to have indicated,
“This is a time for equity investment, privatization, and strategic partnerships,” emphasizing that private sector investment will drive the next phase of growth.
Among the key initiatives the statement highlighted a ₦1 trillion low-interest mortgage fund to boost the housing sector and the mobilization of pension funds to finance 5,000 kilometers of roads.
He also outlined plans to expand domestic oil refining capacity to 1.2 million barrels per day while urging exporters to focus on regional markets to cushion the impact of global economic shocks.
With over 600,000 graduates entering the workforce annually, Edun stressed the government’s commitment to youth empowerment. He pointed to upcoming funding programs for young entrepreneurs and the recently launched national sports empowerment initiative as part of the administration’s strategy.
As Nigeria charts a new economic course, the Minister reaffirmed the government’s commitment to fostering a business-friendly environment and sustainable growth for all Nigerians.