Posts in category: CatchUp

In a pivotal moment for Nigeria’s economic future, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has called on the Ministry’s Top Management Staff to leverage their expertise in driving economic acceleration and fiscal stability for the benefit of all Nigerians.

This clarion call was made today at the 2025 Ministerial Performance Management Retreat, themed Strengthening Performance Management for Fiscal Stability, held at the Banquet Hall, Government House, Yola, the Adamawa State Capital

The Minister officially declared the 2-day retreat open today with a call for renewed purpose, measurable impact, and sustained economic reform in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

HM Edun underscored the importance of the Directors’ role in Nigeria’s fiscal credibility, stating:

The expectations of government and Nigerians are higher than ever. You are the engine room of policy execution. The performance of this Ministry is, to a large extent, a reflection of your effectiveness.

The Minister reaffirmed President Bola Ahmed Tinubu’s commitment to lifting millions of Nigerians out of poverty through inclusive growth, noting that while the economy has stabilised, the target is to accelerate GDP growth to 7% per annum.

He also commended His Excellency, Rt. Hon. Ahmadu Umaru Fintiri, Executive Governor of Adamawa State, for hosting the retreat and acknowledged the laudable strides being made under his leadership.

In his goodwill message, the Executive Governor of Adamawa State, His Excellency, Rt. Hon. Ahmadu Umaru Fintiri, commended the Honourable Minister of Finance, Mr Wale Edun, the Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, the Permanent Secretaries, as well as the Top Management Staff, for their commitment to driving the nation’s economy.

Represented by the Deputy Governor, Professor Kaletapwa Farauta, the Governor welcomed participants to Yola and stated:

Adamawa remains committed to national development goals. We are honoured to host this retreat, which speaks to the importance of aligning local governance with federal fiscal reforms.

Earlier in her welcome remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, emphasised the urgency of the retreat’s objectives, thus:

As we navigate the realities of limited resources, rising public expectations, and the need for efficiency in governance, performance management becomes not only relevant but critical to our fiscal stability and collective success.

She called for collective efforts in entrenching the culture of Performance Management System in line with the Ministry’s mandate, which is to manage the nation’s finances in an open, transparent and efficient manner to achieve the country’s development goals.

The retreat brings together Directors from across the Federal Ministry of Finance as well as other relevant stakeholders
to assess strategic progress and sharpen implementation capacity

As Nigeria charts a new course for economic prosperity, the Minister’s call to action serves as a rallying cry for the Ministry’s Top Management Staff to drive growth, stability, and prosperity for all Nigerians

With renewed purpose and determination, the Ministry of Finance is poised to play a critical role in shaping the country’s economic future

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 9, 2025

The follow-on meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened earlier today under the chairmanship of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

The session reviewed implementation milestones and recorded notable progress since the last engagement. The meeting was attended by the Executive Chairman of the Federal Inland Revenue Service and Chairman of the Technical Sub-Committee, Mr. Zacch Adedeji; the Special Adviser to the President on Energy, Ms. Olu Verheijen; as well as senior representatives of the Nigerian National Petroleum Company Limited (NNPCL), local refining operators, and key regulatory institutions including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Ports Authority (NPA).

Stakeholders reaffirmed their shared commitment to the effective and seamless execution of the policy, which remains a critical component of President Bola Tinubu’s broader strategy to strengthen the Naira, enhance energy security, and promote local value addition within the sector.

The Coordinating Minister of the Economy commended the continued collaboration across agencies and partners and will provide further updates in due course.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 9, 2025

FEDERAL MINISTRY OF FINANCE ABUJA

AFRICA’S TIME IS NOW: BUILDING GLOBAL PROSPERITY THROUGH ENTREPRENEURSHIP

By Dr. Doris Uzoka-Anite, CFA

“The world’s next billion-dollar enterprises are already taking root on African soil. Come. See. Build with us.”

Across boardrooms, innovation hubs, and policy circles, one truth has become increasingly undeniable: entrepreneurship is the engine of modern prosperity. From Silicon Valley to Shenzhen, Bangalore to Lagos, it is entrepreneurial ingenuity that drives economic transformation, unlocks human potential, and redefines nations’ futures.

Yet while the global innovation map is familiar, a new frontier is rapidly emerging — Africa. And at its heart, Nigeria is leading the charge.

At the Legatum Center for Development and Entrepreneurship at MIT, I recently had the privilege of addressing global investors, policymakers, and innovators on this very topic: Innovation in Global Markets – Prosperity Through Entrepreneurship. I left more convinced than ever that Africa’s moment is not a distant aspiration; it is here, it is now, and it is powered by an entrepreneurial spirit as vast as our potential.

Our demographic advantage — over 220 million Nigerians, with 60% under the age of 25 — represents not just a number, but a seismic opportunity. Young, dynamic, digitally fluent Nigerians are already reshaping sectors from fintech to agritech. Success stories such as Flutterwave, now valued at over $3 billion, and Paystack, acquired by Stripe for $200 million, are proof that African innovation is globally viable, scalable, and investable.

In 2022 alone, Nigerian startups raised more venture capital than the rest of West Africa combined. These are not isolated triumphs; they are signals. Signals that Nigeria is open for business. Signals that African entrepreneurs are not waiting for handouts — they are building, scaling, and thriving.

But entrepreneurship does not happen in a vacuum. Innovation requires ecosystems — supportive environments where policy, regulation, capital, education, and infrastructure converge to enable ideas to flourish. As Mariana Mazzucato reminds us, innovation is not just about ideas; it is about ecosystems.

Yet as we build these ecosystems, we must confront hard truths. Despite the excitement around African entrepreneurship, there remains a significant misfit between available capital and the sectors that truly reflect our real economy. Too much of the funding today flows narrowly into high-growth tech ventures aimed at unicorn valuations. Too little reaches agriculture, processing, fashion, trade — the industries where the majority of Africans live, work, and create.

This misallocation is not just an economic oversight — it is a structural risk. As I noted at the Legatum Centre, we cannot eat artificial intelligence. Even the architects of AI must eat. If our investment models continue to overlook the foundational sectors that sustain life — food systems, manufacturing, community-based enterprises — we will build economies detached from the needs of real people.

We must also rethink how we judge entrepreneurial potential. Too often, the current models favour those who fit narrow expectations — those who pitch with flashy energy, polished accents, or perfect certainty. But real entrepreneurship, especially in emerging markets, is messy. It is probabilistic, not deterministic. Some of the best entrepreneurs are soft-spoken, operate in local languages, and are solving deeply local problems.

If we restrict opportunity to only those who conform to imported templates, we will miss out on the vast ingenuity present across Africa — in our markets, our farms, our informal sectors. We must deliberately develop new pipelines of entrepreneurs, expand how we recognise potential, and create funding models that are as diverse as the markets we seek to serve.
Celebrating success is important — but so too is normalising failure. In mature ecosystems, entrepreneurs who fail are not banished; they are funded again, having learned valuable lessons. In our societies, we must build a culture that embraces iteration, resilience, and second chances.

Nigeria is acting. Through initiatives like the Nigeria Startup Act, our Digital Economy Policy (2020–2030), strategic funding instruments such as the Bank of Industry and Development Bank of Nigeria, and our leadership within the African Continental Free Trade Area (AfCFTA), we are creating an environment where broader types of entrepreneurship can thrive.
But we cannot do it alone. We need global capital that is patient, intentional, and impact-driven. We need investors who understand that true inclusive prosperity comes not only from scaling a handful of tech giants, but from empowering millions of SMEs across diverse sectors.

This demands alternative financing mechanisms — ones that prioritise stability, resilience, and widespread job creation over short-term returns. It requires fund managers willing to invest in food systems, manufacturing, retail, healthcare, education — the lifeblood sectors of society. It calls for a new generation of investors who are as committed to building as they are to profiting.

Africa’s entrepreneurial journey will not be without challenges. But it is challenges that have historically given rise to the greatest innovations. If we create the right ecosystems — and recalibrate our investment priorities — African entrepreneurs will respond, not just with local solutions, but with global leadership.

To the global investor community, my invitation remains simple: Come. See. Build with us.

The world’s next billion-dollar enterprises, groundbreaking technologies, and prosperity-driving ecosystems are already taking root on African soil. Together, we can shape a future defined not by exclusion, but by inclusion; not by extraction, but by empowerment.

Africa’s time is now. Let us build it — together.

Dr. Doris Uzoka-Anite is Nigeria’s Minister of State for Finance.

In a strategic move to propel Nigeria’s economic resurgence, the Economic Management Team (EMT) has set its sights on achieving rapid and sustained growth, building on recent stabilization successes, while also focusing on the country’s path towards accelerated and inclusive economic development for the benefit of the citizenry.

Chairing a strategic session of the EMT in his office in Abuja today, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun highlighted emerging signs of macroeconomic stabilisation — including a narrowing budget deficit, and improved fiscal revenues.

He also noted Nigeria’s recent credit rating upgrade as a clear sign of international confidence in the reform agenda.

That is a clear, objective indication that things are moving in the right direction, he affirmed

The Minister praised the Central Bank of Nigeria (CBN) for its pivotal role in restoring confidence in the external sector, noting further, the positive impact of a more transparent exchange rate regime and rising foreign reserves, recording a net foreign exchange reserve of US $23 billion in 2024, and closing the exchange premium from 65% in 2023 to 1% in 2024.

High commendation goes to the Central Bank — not just for results, but for the clarity and transparency of their actions, he said.

Referencing discussions at the recent IMF-World Bank Spring Meetings, the Minister acknowledged ongoing global uncertainty and domestic fiscal constraints, including a recent drop in oil prices. He, however, stressed that these challenges underscore the need to accelerate private sector investment and job creation.

The Minister urged all public agencies to embrace data-driven, evidence-based policymaking, commending the Central Bank’s approach as a model of transparency. EMT subcommittees were tasked with continuing their work to shape the next phase of Nigeria’s economic roadmap, to be presented to the President, focusing on unlocking rapid and sustained inclusive growth, with the government targeting 7 percent in the medium term.

The EMT also seeks to further improve the country’s sovereign ratings to bring down the costs of debt while building stronger GDP growth through sector and specific growth policies.

This includes seeking to unlock pension funds for infrastructure, increases in oil production, and reduction in the cost of crude oil production, while strengthening existing and new domestic and foreign investments through effective communication of the government’s economic agenda. The EMT recognizes the progress and acceleration of investments in telecoms infrastructure that will serve as the basis of strong contributions from the sector in the coming quarters and recognized that technology has a big role to play in driving growth in other sectors such as agriculture.

The meeting also provided an opportunity for the EMT to discuss how the data on poverty can be disaggregated so the government is able to provide targeted economic opportunities and improve the effectiveness of current government expenditure levels.

With these strategic initiatives, Nigeria is poised to achieve rapid and sustained inclusive growth, transforming the lives of millions of Nigerians and cementing its position as a major player in the global economy.

Signed,
Mohammed Manga
FCAI
Director, Information and Public Relations
May 5,  2025

As part of Nigeria’s proactive engagement with global development partners, the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite held a strategic bilateral meeting with Ms. Stine Renate Håheim, Norwegian Deputy Minister of International Development, on the sidelines of the 2025 UN Meetings in New York.

During the meeting, Dr. Uzoka-Anite advocated for strengthened collaboration between Nigeria and Norway in key areas, including tax transparency goals, debt restructuring efforts, and climate finance partnerships. Specifically, she explored opportunities for partnership under NORAD’s “Energy for Development” platform, which aligns with Nigeria’s goals for sustainable energy development and climate resilience.

The meeting underscores Nigeria’s commitment to leveraging international partnerships to drive economic growth, improve governance, and achieve sustainable development.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 4, 2025

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite has held strategic bilateral talks with Ms. Diane Janse, Swedish State Secretary for International Development Cooperation, on the sidelines of the 2025 UN Meetings held in New York, USA.

The meeting focused on strengthening Nigeria’s partnerships with Sweden in key areas, including technology innovation, digital ecosystems, and green economy partnerships, exploring opportunities for collaboration that would drive sustainable development and economic growth in Nigeria, underscoring Nigeria’s commitment to leveraging international partnerships to achieve its development goals.

The Federal Government looks forward to working closely with Sweden and other development allies to implement impactful projects that will transform the lives of millions of Nigerians in line with the Renewed Hope Agenda of the present administration.

The bilateral engagement is part of Dr. Uzoka-Anite’s engagements at the 2025 UN Meetings in New York, showcasing Nigeria’s proactive approach to global development partnerships.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 3, 2025

The attention of the Federal Ministry of Finance has been drawn to an online publication – Akelicious, insinuating that the Ministry under the leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun and the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya has awarded some contracts to the tune of N13 Billion Naira between February and June 2024 without following due process.

2.The Ministry wishes to unequivocably state that at no time were such contracts awarded without due process. These claims are not only unfounded but also malicious, aimed at not only tarnishing the reputation of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Permanent Secretary, Mrs. Lydia Shehu Jafiya, but also to cause distractions to the ongoing initiatives embarked upon by the Ministry in revamping the nation’s economy in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

3.The Ministry further wishes to state that all contracts awarded from February to June 2024 including that of the Presidential Initiatives on Compressed Natural Gas (Pi CNG) and by extention other contracts till date were done in accordance with the Public Procurement Act and other relevant laws and regulations. Any insinuation of corruption or irregularities as claimed in the publication is baseless and without merit.

4.The Ministry is committed to transparency and accountability in its operations, as evident in the efficient management of the national economy.  It also recognises the role of the media in ensuring transparency, accountability, and good governance and thus, urges the media to always cross check all information before going to the press as it will not hesitate to take legal action against any individual or organization that seeks to damage its reputation through false and malicious publications.

5.We urge the public to disregard this publication and be rest assured that the Ministry is working diligently to implement the President’s economic reforms and improve the lives of Nigerians.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

May 5, 2025

In pursuit of its development agenda, the Federal Government has urged the World Bank Group to prioritize targeted investments in critical sectors that drive sustainable development aimed at elevating Nigeria’s Development Agenda.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, made the urge in New York when she participated in the thematic session on the World Bank Group’s Contribution to Financing for Development (FFD), where she underscored the need to match the Bank’s expanded financial capacity with targeted, transformative investments in key sectors of the economy.

Dr. Uzoka-Anite emphasized the importance of investments in agriculture, energy access, and human capital, citing impactful World Bank-supported programmes like the Agriculture Sector Recovery and Sustained Livelihoods Programme (ACReSAL) and ANRiN.

The Minister highlighted these programmes as examples of effective cooperation between Nigeria and the World Bank Group, demonstrating the potential for strategic investments to yield meaningful development outcomes.

By prioritizing targeted investments in key sectors, the World Bank Group can play a more impactful role in supporting countries like Nigeria to achieve their development goals. The Federal Government reaffirms its commitment to partnering with the World Bank Group to drive sustainable development and improve the lives of Nigerians in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 3, 2025

In a significant step towards shaping a more equitable global financial architecture, the Federal Government of Nigeria has advocated for global financial reform during the 2025 United Nations Meetings

The Honourable Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite, while representing the country at the Special High-Level Meeting with Bretton Woods Institutions, WTO, and UNCTAD, held at the United Nations Headquarters in New York, reaffirmed Nigeria’s call for urgent reform of global finance.

She highlighted the need for reallocation of Special Drawing Rights (SDRs) to vulnerable economies;
UN-led mechanisms for sovereign debt restructuring as well as an inclusive global financial system that centres development over austerity

The Minister who expressed optimism that a fairer international financial architecture is crucial for achieving sustainable development and reducing inequality, observed that developing economies undertaking ambitious reforms require tailored support and concessional financing to ensure their efforts yield meaningful results for their citizens.

By advocating for these critical reforms, Nigeria underscores its commitment to bridging the global financing gap and promoting a more inclusive and equitable financial system that supports development and prosperity for all nations.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 3, 2025

The Federal Government has reaffirmed its commitment to unlocking infrastructure investment through long-term private concessions, with a focus on highway development.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun disclosed this today in his office in Abuja, shortly after

chairing a high-level meeting with partners under the Highway Development and Management Initiative (HDMI), reinforcing the Federal Government’s commitment to private sector-led infrastructure development.

The session, jointly held with the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, convened concessionaires managing nine highway projects covering over 900km, with a combined value of ₦1.5 trillion and expected to be delivered under 25-year concession agreements.

HM Edun emphasised that private capital is essential to accelerating development, following Nigeria’s return to macroeconomic stability despite global shocks and reduced oil revenues.

We have stabilised the economy. Now, we must grow—faster, broader, and inclusively. Private-led infrastructure delivery is central to that mission, Edun stated.

He highlighted the successful concession of the Benin-Asaba highway as a proof of concept, already underway with support from institutional and global investors. He also relayed the Honourable Minister of Works’ directive that concessionaires demonstrate proof of funds to ensure timely mobilisation.

Senator Bagudu reaffirmed President Tinubu’s strategic shift toward private sector-driven infrastructure, enabling investors to recover costs via tolling while closing public financing gaps.

The initiative aligns with the Renewed Hope Agenda—anchored on fiscal discipline, strategic investment, and job creation.

With private sector partners on board, the Federal Government is poised to deliver on its promise of improving Nigeria’s infrastructure and driving economic growth, marking a significant step towards achieving the Renewed Hope Agenda’s objectives.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

April 30, 2025