Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has expressed optimism about the country’s ongoing economic reforms, citing sustainability and signs of success.
Speaking on Monday at the welcoming ceremony for the newly appointed Minister of State for Finance, Dr. Doris Uzoka-Anite, in Abuja, Edun highlighted the recent shift to a market-based foreign exchange rate and the deregulation of petroleum product pricing as transformative and long-overdue measures.
“For the first time in decades, we have a foreign exchange rate that is market-based. We also have market pricing for petroleum products,” Edun said. “These are two fundamental reforms that were necessary and long overdue, which Mr. President had the courage, boldness, and social and political dexterity to implement, along with the determination to sustain them.”
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Edun emphasized that these reforms have opened Nigeria’s economy to increased investment, enhancing productivity, growing the GDP, creating jobs, and reducing poverty. “Nigeria now has a market-based foreign exchange rate and deregulated oil market pricing, two long-overdue reforms. We stand on the threshold of a new dawn, poised to implement these changes to uplift the economy,” he noted.
The World Bank has also acknowledged Nigeria’s efforts, approving a $2.25 billion financing package to support the country’s economic stabilization and growth initiatives. This package includes the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program and the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results.
According to Ousmane Diagana, World Bank Vice President for Western and Central Africa, “Nigeria’s concerted efforts to implement far-reaching macro-fiscal reforms place it on a new path which can stabilize its economy and lift its people out of poverty.”
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