Posts in category: CatchUp

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, welcomed the release of the International Monetary Fund’s (IMF) findings on Nigeria, following the conclusion of the Article IV Consultation in April 2025.

HM Edun expressed appreciation for the IMF’s recognition of the Federal Government’s ongoing reform efforts and the tangible progress achieved over the past two years. These reforms have contributed to notable improvements in Nigeria’s fiscal and external positions, bolstering investor confidence and strengthening the resilience of the economy.

The Minister also welcomed the Fund’s acknowledgement of advancements in the agricultural sector, particularly increased food production, which has contributed to moderating inflation. As of May 2025, headline inflation eased to 22.9%, while food inflation declined to 21.4%—both improvements from the higher levels recorded during the IMF mission.

He further noted the IMF’s positive outlook, which affirms that Nigeria’s economic reforms have positioned the country to better withstand external shocks.

In response to the downside risks highlighted in the IMF’s report—particularly uncertainties in the global economy—the Minister reaffirmed the government’s proactive stance. He emphasized that the implementation of the 2025 Budget is being carried out with a focus on safeguarding reform gains and ensuring economic stability. The government continues to monitor developments in the international oil market and global trade environment and is taking responsive measures to mitigate potential risks while maintaining momentum toward inclusive growth.

The Federal Government remains fully committed to sound economic management that promotes macroeconomic stability, broad-based growth, and improved living standards for all Nigerians.

Signed,

Mohammed Manga FCAI

Director, Information and Public Relations

July 2, 2025.

www.finance.gov.ng

In a bid to drive economic growth and development, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has today emphasized the need for fiscal reform and international cooperation when he delivered the country’s statement at the 4th International Conference on Financing for Development (FFD4), holding in Sevilla, Spain.

Speaking at a high-level roundtable on domestic public resource mobilisation, HM Edun called for a rebalancing of global finance to better reflect the realities of developing economies. He highlighted Nigeria’s reforms to improve tax administration, drive fiscal discipline, and create an enabling environment for private sector investment.

In today’s evolving global landscape, self-reliance is essential. We are prioritising digital infrastructure, transparency, and institutional reform to deliver more for Nigerians with every naira spent, the Minister noted.

He also stressed the urgent need for stronger international collaboration on tax fairness and illicit financial flows, areas where African economies continue to face systemic disadvantage.

The event brought together senior officials from the United Nations, OECD, EU, and development banks, alongside finance ministers from countries including Nepal, Malawi, and Uruguay.

As the Nigerian government continues to drive economic reforms, HM Edun’s message at the UN Finance Summit underscores the country’s commitment to achieving sustainable economic growth and development for the benefit of all Nigerians

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
July 1, 2025

www.finance.gov.ng

The 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) provided a platform for Nigeria to showcase its economic prowess, with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighting the country’s emergence as a regional hub for trade, development finance, and industrial growth.

Speaking during a high-level session of delegates from across Africa and the diaspora at the Annual Meetings in Abuja on Friday, the Minister underscored Nigeria’s partnership with Afreximbank as a model for effective collaboration between governments and development finance institutions. We are not just participating in a summit. We are advancing a shared vision for Africa’s prosperity, with Nigeria playing a leading role in its delivery, Edun said.

He highlighted further that Nigeria has secured over $52 billion in Afreximbank financing, with targeted interventions across energy, infrastructure, healthcare, and SME development, including the Africa Trade Centre in Abuja, the African Medical Centre of Excellence, and the proposed Africa Energy Bank, with $5 billion in capital, to be headquartered in Abuja.

The Minister also pointed to Nigeria’s recent formal adoption of the Pan-African Payment and Settlement System (PAPSS), calling it a game-changer for intra-African trade and financial independence. With PAPSS, Nigerian businesses can settle cross-border transactions in local currencies, reducing foreign exchange pressures and creating a more stable trade environment, he stated.

HM Edun applauded the innovative leadership of Afreximbank President Prof. Benedict Oramah and urged the Nigerian private sector to leverage the full suite of Afreximbank instruments, including FEDA, AQAC, and CANEX, to expand market access and scale impact. The enabling institutions are in place. The infrastructure is growing. Now is the moment for Nigeria’s entrepreneurs and investors to go bigger, bolder, and regional, he added.

The 32nd Afreximbank Annual Meetings convened top public and private sector leaders to advance dialogue on trade integration, financing solutions, and industrial growth across Africa.

As the African economy continues to evolve, Nigeria’s emergence as a pan-African trade powerhouse positions the country for sustained growth, investment, and prosperity. With strategic partnerships and innovative solutions, Nigeria is poised to play a leading role in shaping the continent’s economic future.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 28, 2025

www.finance.gov.ng

On the sidelines of the 32nd Afreximbank Annual Meetings, holding in Abuja, Nigeria, the Federal Republic of Nigeria and the Republic of Rwanda today signed a landmark Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, reinforcing their shared commitment to deepening economic cooperation and facilitating private sector-led growth across Africa.

The high-level signing ceremony, held in Abuja, was presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside his Rwandan counterpart, Yusuf Murangwa, Minister of Finance and Economic Planning.

HM Edun hailed the agreement as a strategic milestone following the recent passage of four landmark tax reform bills in Nigeria. This agreement is a critical tool for promoting cross-border investment, ensuring tax certainty, and eliminating the risk of being taxed twice on the same income, he stated. Edun added that the agreement supports our broader objective of unlocking private sector capital, accelerating intra-African trade, and positioning Nigeria as a competitive destination for investment under the African Continental Free Trade Area (AfCFTA).

The treaty simplifies tax administration, improves transparency, and aligns Nigeria with global standards, ensuring that both governments can protect taxpayers, reduce loopholes, and combat fiscal abuse. It is expected to bolster confidence among investors operating in both countries, particularly in sectors such as technology, finance, agriculture, and logistics.

Rwanda’s Finance Minister, Yusuf Murangwa, echoed the sentiment of partnership and long-term ambition: This agreement is a testament to the strong partnership between Rwanda and Nigeria, and a critical step in creating a unified, investor-friendly Africa. We believe this will serve as a model for deeper regional integration and shared prosperity.

Both ministers acknowledged the dedication of their technical teams, whose professionalism and foresight shaped the framework for this outcome. The agreement not only cements bilateral tax cooperation but also opens the door for enhanced trade, technology collaboration, and capital flows, laying the foundation for a more resilient, integrated African economy.

As Africa continues to evolve, partnerships like this pave the way for a brighter economic future, fostering growth, investment, and prosperity across the continent.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

June 27, 2025

www.finance.gov.ng

The Federal Government’s commitment to economic reform and development took center stage today as the Federal Ministry of Finance held its Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for second quarter of 2025 in Abuja.

This quarterly engagement is designed to foster transparency, accountability, and inclusive growth, providing a platform for stakeholders to engage with the Ministry on its progress and challenges.

The Ministry’s efforts were highlighted in the keynote address by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who provided a comprehensive update on the implementation of presidential priorities and ministerial deliverables.

He outlined progress across key reform pillars, stabilising foreign exchange markets, expanding fiscal revenues, driving industrial investment, and improving social outcomes for Nigerians.

We are now in the third phase of our reform agenda, focused on accelerating investment-led growth that delivers jobs, reduces inflation, and lifts millions out of poverty, the Minister said. He added that Our trajectory is clear: from macro-economic correction to national transformation.

The Minister cited a substantial rise in external reserves, from under $4 billion to over $23 billion, and noted renewed investor confidence, evidenced by credit rating upgrades and major energy investments.

Speaking at the event, the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite underscored the importance of stakeholder engagement in delivering reform dividends: This platform enables citizens and the private sector to hold us accountable while shaping a more responsive and transparent economy, she said.

She assured of the Ministry’s dedication to delivering on its mandate through effective policy implementation and stakeholder engagement with a view to driving economic growth and development that is equitable and sustainable.

Mr. Raymond Omenka Omachi, Permanent Secretary Special Duties, Federal Ministry of Finance, added that institutional collaboration and disciplined execution remain critical to sustaining reform momentum: We are working across ministries and agencies to ensure that reforms are not just announced, but effectively implemented with measurable impact, he stated

The event drew participation from industry leaders, civil society organisations, and development partners. The second quarter 2025 Citizens and Stakeholders’ Engagement Session marked a significant step towards achieving the Federal Government’s economic objectives. With a clear roadmap for investment-led growth and a commitment to transparency and accountability, the Ministry of Finance is poised to drive meaningful progress and deliver tangible benefits to Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 23, 2025

www.finance.gov.ng

The Anti-Corruption and Transparency Unit (ACTU) of the Federal Ministry of Finance has launched a sensitization campaign aimed at raising awareness among staff about the Unit’s mandate and its critical role in promoting transparency, accountability, and integrity within the Ministry.

The Committee was formally inaugurated by the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, on December 20, 2024.

During a visit to the Director of Information and Public Relations yesterday, the Chairman of ACTU and Director of Economic Research and Policy Management, Mr. Abubakar Othman reaffirmed the Committee’s commitment to ensuring that staff are fully sensitized about the realization of the Ministry’s Mandate to help drive the policy objectives of government.

He explained that the sensitization campaign was kicked off with the Information Department to leverage their critical role in amplifying the campaign’s message and ensuring its effectiveness across the Ministry.

The Director of Information and Public Relations, Mr. Mohammed Manga lauded the initiative, describing it as both timely and impactful. He encouraged the Committee to adopt innovative and inclusive approaches in the discharge of their duties and assured them of the Department’s full cooperation and support.

The launch of this campaign marks a significant step towards promoting transparency and accountability within the Ministry, and the ACTU remains committed to engaging all stakeholders in achieving its mandate.

Signed;

Francis L. Kusa
CIO (Information and PR)
For: Director (Information and PR)
June 21, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today received a high-level delegation from Nigeria’s downstream petroleum sector, led by Mr. Abdulkabir Adisa Aliu, Chief Executive Officer of Matrix Energy.

The delegation also included Yakubu Maishanu, Chairman/CEO of AYM Shafa Ltd, and Alhaji Auwalu Abdullahi Rano, CEO of A.A. Rano. Together, the group reaffirmed its commitment to market stability, expanded private investment, and continued support for the federal government’s reform agenda.

Discussions focused on the visible economic impact of recent policy measures, including the successful transition away from petrol subsidies, enhanced domestic supply, improved exchange rate stability, and a notable reduction in pump prices. The marketers noted that collectively, their companies now supply nearly 20 million litres of petrol daily—without fiscal burden on the government—underscoring the effectiveness of private sector-led distribution.

The delegation welcomed the government’s supportive policy stance and encouraged continued clarity to further strengthen investor confidence and ensure smooth market operations. They also reiterated their commitment to accelerating investment in Compressed Natural Gas (CNG) infrastructure, in line with national energy transition goals.

HM Edun commended the downstream operators for their leadership and resilience, acknowledging their critical role in ensuring energy security and supporting sustainable growth. He reaffirmed the federal government’s commitment to fostering a stable policy environment that encourages private investment and drives inclusive development in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

This engagement reflects the deepening partnership between public and private sector actors in delivering a more competitive, resilient, and forward-looking energy market for all Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 20, 2025

www.finance.gov.ng

In a strong show of commitment to Africa-led growth, His Excellency
President Bola Ahmed Tinubu has today in Abuja declared the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF), emphasizing the need for collective action and regional cooperation among African countries to achieve transformative development.

Represented by Vice President Kashim Shettima, President Bola Ahmed Tinubu reaffirmed Nigeria’s determination to lead the continent’s economic transformation through targeted reforms and catalytic investment platforms while also
underscoring the administration’s priority on regional collaboration and innovative capital mobilisation.

The Federal Republic of Nigeria, through the Federal Ministry of Finance, is hosting the meeting beginning from June 15–17, in Abuja.

Held under the theme Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development, the gathering brings together sovereign wealth funds, institutional investors, and policymakers from 17 African nations—supported by strategic partners such as China Investment Corporation and Abu Dhabi Investment Authority.

Ealier, in his remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun called for a shift from stabilization to strategic investment, positioning sovereign wealth funds as engines of economic transformation.

Africa must lead its own industrialization. By mobilizing domestic capital and aligning with global partners, we can move from a future defined by potential to one built on performance, he stated.

The Minister highlighted Nigeria’s trailblazing efforts in developing innovative financing models such as the NSIA-backed Infrastructure Debt Fund, the Green Guarantee Company, and a landmark US-dollar domestic bond issuance, as clear signals of Nigeria’s investment readiness.

Mr. Aminu Umar-Sadiq, Managing Director and CEO of the Nigeria Sovereign Investment Authority (NSIA), echoed this ambition:

NSIA is honoured to host sovereign wealth funds from across the continent… By uniting our collective resources, African sovereign wealth funds can become a formidable catalyst for transformative growth, economic resilience, and long-term prosperity, he said

He highlighted pioneering initiatives like the Infrastructure Debt Fund, the Green Guarantee Company, and the US-dollar domestic bond issuance as clear evidence of Nigeria’s investment leadership.

The summit also marked the launch of the ASIF Investment Platform, a flagship vehicle designed to unlock high-impact, cross-border investments in infrastructure, renewables, manufacturing, and healthcare.

For Nigeria’s private sector, ASIF 2025 signals a new era—de-risking mega-projects, anchoring blended finance, and creating fertile ground for investor-led growth across Africa.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 16, 2025

www.finance.gov.ng

Against the backdrop of inflation easing to 22.97% in May 2025, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has today visited the Central Bank of Nigeria to deepen fiscal–monetary policy alignment.

Discussions focused on sustaining and accelerating this momentum, essential to stabilising prices, boosting investor confidence, and empowering private sector-led growth.

This meeting underscores the Ministry’s commitment to collaborative economic management, signalling a renewed focus on driving sustainable growth and development in Nigeria

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 16, 2025