The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed President Bola Tinubu’s dedication to reducing poverty in Nigeria through strategic economic reforms and investments. Speaking at the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Edun outlined the administration’s plans to attract private sector investments, boost productivity, and create jobs to drive sustainable economic growth.
Edun acknowledged that while the Tinubu administration inherited both assets and challenges, it has taken bold steps to stabilize the economy. “President Tinubu is working hard to get investments to increase productivity, grow the economy, and move a large number of people out of poverty,” Edun stated.
Eliminating Subsidies and Redirecting Resources
One of the administration’s key macroeconomic reforms includes the removal of fuel and foreign exchange subsidies, which previously consumed 5% of Nigeria’s GDP annually. Edun noted that these subsidies primarily benefitted a few individuals and neighboring countries, providing little value to most Nigerians. Their elimination has increased funds available to federal, state, and local governments.
“These additional resources are being channeled into infrastructure, education, healthcare, and other social services to improve the quality of life for Nigerians,” Edun explained.
The minister also emphasized the country’s push toward local refining of crude oil, which will not only meet domestic petroleum demands but also supply raw materials for industries. This initiative is designed to create a competitive economic environment for businesses to thrive in both local and international markets.
Private Sector Investments and Industrial Growth
Edun assured attendees that Nigeria is creating a stable macroeconomic environment to attract domestic and foreign investments. “The road is clear for investors, especially in the industrial sector, as we move toward bolstering industrialization and economic growth,” he said.
The new policies are expected to support businesses in becoming competitive producers for export and domestic markets, fostering long-term economic development.
Collaboration for Fiscal Sustainability
Bauchi State Governor Bala Mohammed, who hosted the conference, highlighted the importance of collaboration among stakeholders in addressing Nigeria’s economic challenges. “This event underscores the commitment of stakeholders to advancing Nigeria’s financial and economic landscape. I encourage all participants to contribute constructively for the benefit of all Nigerians,” Mohammed said.
He also commended the efforts of his administration to ensure the success of the NACOFED conference, showcasing Bauchi’s hospitality and its commitment to national progress.
The conference, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnerships for Fiscal Sustainability and National Development,” provided a platform for stakeholders to discuss strategies for overcoming Nigeria’s financial challenges.
