The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasized President Bola Tinubu’s commitment to lifting Nigerians out of poverty through transformative policies and economic reforms.
Speaking at the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Edun noted that Tinubu’s administration is focused on creating an environment conducive to investment, economic stability, and job creation.
“President Tinubu’s administration inherited assets and liabilities, and there is no looking back. It’s about charting a way forward and making plans to stabilize the economy,” he stated. “He is working hard to attract private sector investments, both domestic and foreign, to increase Nigeria’s productivity, grow the economy, create jobs, and ultimately lift a large number of people out of poverty.”
Edun highlighted the government’s bold economic reforms, including the removal of the fuel subsidy and foreign exchange subsidy, which he described as measures that previously drained 5% of Nigeria’s GDP annually. “The benefits of these subsidies were concentrated in the hands of a few, while the majority of Nigerians derived no value. Removing them has stopped the bleeding and redirected resources to the federation account, benefiting federal, state, and local governments,” he explained.
The Minister assured Nigerians that the economic reforms have set the country on the path to industrialization, with increased emphasis on refining crude oil locally to produce petroleum products and raw materials for industries. He also noted that Nigeria now boasts a stable macroeconomic environment that is investor-friendly.
“Private sector investors now have a clear road to contribute to Nigeria’s industrialization. They can produce competitively for the domestic market and export to international markets,” Edun said.
He commended the organizers of the conference for their efforts and expressed gratitude to Governor Bala Mohammed of Bauchi State for hosting the event.
Bauchi State Governor Bala Mohammed described hosting the conference as a privilege, emphasizing the importance of collaboration in addressing Nigeria’s economic challenges. “Your presence here is a testament to your commitment to advancing Nigeria’s financial and economic landscape. I urge all participants to contribute constructively to discussions that will benefit all Nigerians,” he said.
The conference, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development,” brought together delegates and stakeholders to discuss strategies for driving economic progress in the face of global challenges.
