Posts in category: CatchUp

The Economic Management Team (EMT), Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has convened a meeting earlier this week with participation from key ministries and agencies to assess the fiscal and economic implications of recent trade-related developments.

Of particular focus was the recent announcements of tariff measures by the United States Government and their potential impact on Nigeria’s economy. While crude oil—Nigeria’s major export—has not been directly targeted, the EMT noted the accompanying fall in the international oil price.

To support evidence-based policymaking, the EMT has established a sub-committee tasked with conducting a detailed review of the direct and indirect economic impacts of both the emerging tariff measures and the global commodity price shifts. The sub-committee includes representatives from the Federal Ministry of Finance, the Ministry of Budget and Economic Planning (including the Budget Office of the Federation), and the Central Bank of Nigeria of Nigeria (CBN)

The sub-committee also held its inaugural meeting this week and will ensure it presents its findings to the full EMT without delay.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
April 11, 2025

In a significant step towards boosting intra-African trade and economic integration, Nigeria has today hosted the launch of the African Trade Centre (AATC) in Abuja. This landmark event underscores Nigeria’s commitment to economic growth and development, positioning the country as a leader in shaping Africa’s economic future.

Representing President Bola Ahmed Tinubu at the event, the Secretary to the Government of the Federation, Senator George Akume, underscored the centre’s role in driving economic diversification, job creation, and access to finance—particularly for SMEs and women-led businesses. He emphasized the importance of this initiative in advancing Nigeria’s economic agenda.

Speaking earlier, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun described the AATC as a milestone for Nigeria and the entire continent, aligning with the Tinubu administration’s push for macroeconomic stability, private investment, and industrial growth across key sectors

Afreximbank President Prof. Benedict Oramah reaffirmed the Bank’s vision to dismantle trade barriers and promote African market integration, with similar centres planned in Harare, Kampala, Cairo, and Yaoundé.

The Abuja AATC will serve as a hub for trade intelligence, innovation, and regional collaboration, strengthening Nigeria’s leadership in shaping Africa’s economic future.

As the African Trade Centre begins operations, Nigerians and Africans alike can look forward to a brighter economic future, driven by increased trade, investment, and regional collaboration.

This initiative is poised to play a pivotal role in driving economic diversification, job creation, and sustainable development, cementing Nigeria’s position as a leader in Africa’s economic landscape.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
April 10, 2025

In a bid to enhance food security and rural prosperity, the Federal Government is engaging with the Japan International Cooperation Agency (JICA) to support 500,000 farmers ahead of the 2025 wet season. This initiative, backed by JICA’s ¥12 billion Food Security Emergency Support funding, aims to boost agricultural output through efficient input delivery, post-harvest handling, and market access.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, pictured in Abuja with the Minister of Agriculture and Food Security, Senator Abubakar Kyari, and the Managing Director of the Bank of Agriculture, Ayo Sotinrin discussed on strategic support from JICA ahead of the 2025 wet season, with provisions for up to 500,000 farmers.

The initiative aims to boost agricultural output through timely input delivery, efficient post-harvest handling, and improved market access—ensuring both food security and rural prosperity. This engagement forms part of ongoing implementation efforts related to JICA’s Food Security Emergency Support funding—valued at ¥12 billion—which is targeted at strengthening sustainable food systems and enhancing resilience in the face of global supply shocks.

This partnership marks a significant step towards strengthening Nigeria’s agricultural sector and enhancing food security. By empowering 500,000 farmers and improving agricultural practices, the initiative is poised to increase crop yields, enhance rural livelihoods, and contribute to the country’s economic growth.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
April 10, 2025

In a bold move to revamp regional trade and bolster economic resilience, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called for accelerated customs reform across West and Central Africa.

This call to action was made at the opening of the Fourth Conference of Development Partners of the World Customs Organization for West and Central Africa (WCO-WCA) on Wednesday in Abuja, highlighting the need for deeper structural reforms to unlock the region’s vast economic potential.

Edun noted that intra-regional trade accounts for just 12% of the region’s total trade, despite a combined population of 450 million and a GDP approaching $1 trillion. While the Nigerian Customs Service recorded a 90% year-on-year revenue increase and exceeded government targets by 20%, he highlighted the need to build on this momentum through deeper structural reforms.

The Minister reaffirmed Nigeria’s commitment to modernisation, citing the forthcoming Single Window Project expected in early 2026, and urged broader adoption of World Customs Organization instruments such as the Authorised Economic Operators programme and the Advanced Ruling system.

He also emphasised the importance of donor coordination and long-term technical assistance to support sustainable reform.

Many of the initiatives, HM Edun noted, are supported by concessional World Bank loans already reflected in the national budget and borrowing plan.

The two-day conference brought together customs leaders, donors, and trade experts to align on regional strategies for enhancing trade facilitation and economic integration.

As the region moves forward, one thing is clear: accelerated customs reform is a critical step towards unlocking West Africa’s vast economic potential. With the right policies and partnerships in place, the region can unlock new opportunities for growth, trade, and economic resilience.

Thus, the Fourth Conference of Development Partners of the World Customs Organization for West and Central Africa serves as a timely platform for stakeholders to align on regional strategies and drive progress towards a more prosperous and integrated West Africa.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
April 10, 2025

The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative has today convened an update meeting held in Abuja with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presiding. The meeting reviewed progress and addressed ongoing implementation matters.

The stakeholders reaffirmed the government’s commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC). It stated that the Crude and Refined Product Sales in Naira initiative is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

The Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all relevant parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports the national economy.

The meeting was attended by the Chairman of the Implementation Committee, the Honourable
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Chairman of the Technical Sub-Committee and Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun; the Coordinator of NNPC Refineries; Management of NNPC Trading; representatives of Dangote Petroleum Refinery and Petrochemicals; and senior officials from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), representative of Afreximbank, as well as the Secretary of the Committee, Hauwa Ibrahim.

The meeting underscored the government’s commitment to the Crude and Refined Product Sales in Naira initiative, a strategic move expected to have a lasting impact on Nigeria’s economy, fostering growth, stability, and self-sufficiency. This bold step positions Nigeria for success in the years to come

Signed
Mohammed Manga FCAI
Director, Information and Public Relations

April 9, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has spotlighted corporate governance as a key lever in President Bola Ahmed Tinubu’s push to build a $1 trillion economy, urging state-owned enterprises (SOEs) to meet global standards of transparency, ethics, and performance.

Speaking at the MOFI Corporate Governance Forum in Abuja on Monday, the Honourable Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health—designed to position SOEs for investment, growth, and long-term value creation.

This scorecard is not just a document—it’s a test, Edun said. He added that Strong governance attracts capital, builds trust, and delivers real economic returns.

The two-day forum, themed Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.

Referencing entities like NNPC Ltd, Edun noted that SOEs must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth. He also pointed to positive macro signals and falling food and fuel prices—as early signs of a stabilising economy.

MOFI Chairman Dr. Shamsudeen Usman confirmed that the scorecard will be enforced through independent assessments, including MOFI itself. We are not asking others to do what we haven’t already done, he said.

MOFI CEO Dr. Armstrong Takang outlined a rollout that includes third-party evaluations, remediation plans, and public recognition through the annual MOFI Excellence Awards.

Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth—with governance now central to growth, resilience, and investor confidence.

The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for the SOEs.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 8, 2025

In a significant move towards addressing climate change, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja, met with Dr. Nkiruka Madueke, Director-General of the Nigeria Climate Change Council (NCCC), to advance efforts to operationalize the country’s Climate Change Fund (CCF)

The meeting focused on aligning Nigeria’s economic planning with its climate commitments, including the push towards net-zero emissions and the delivery of third-generation Nationally Determined Contributions (NDCs).

Dr. Madueke emphasised the urgency of unlocking the Climate Change Fund, which remains under-resourced, to finance critical climate initiatives and enable regulatory functions under the Climate Change Act.

She called for firm backing from the Ministry, noting expressions of interest from the Nigeria Sovereign Investment Authority (NSIA), Bank of Industry (BOI), and Development Bank of Nigeria (DBN) to manage the Fund, while also highlighting that additional NCCC priorities include climate finance taxonomy, carbon market development, and mangrove conservation.

HM Edun pledged support, noting the importance of integrating climate resilience into Nigeria’s development strategy. He encouraged the submission of a clear budget and project framework to fast-track collaboration and attract green investment.

As the Federal Government moves to activate the Climate Change Fund, Nigeria is poised to unlock a new era of climate resilience and sustainable development. With the Fund’s activation, the country can expect to see a surge in green investments, the creation of new jobs, and a significant reduction in carbon emissions. The future of Nigeria’s climate action has never looked brighter, and this move is a significant step towards achieving the country’s net-zero emissions goal.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 4, 2025

Nigeria’s economic growth prospects continue to gain momentum, as the country’s reform trajectory and improving macroeconomic fundamentals attract growing interest from international investors.

In a high-level meeting between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the CEO of Renaissance Capital Africa Investors, Samuel Sule held in his office in Abuja today, discussions focused on Nigeria’s economic outlook and investor sentiment. It also highlighted a notable shift in investor appetite—from Eurobonds to local currency instruments and increasingly to equity investments—signalling growing confidence in Nigeria’s reform trajectory.

HM Edun pointed to key macroeconomic improvements, including a stabilised exchange rate, a downward trend in inflation, and stronger fiscal discipline. He also emphasised infrastructure projects, energy sector reforms, and performance-based targets in conjunction with the World Bank as central to the administration’s strategy for attracting long-term capital.

The meeting reinforced Nigeria’s ambition to position itself as a prime destination for international investment through private sector-driven growth and economic resilience.

This development is expected to have a positive impact on the country’s economic growth and development. As Nigeria continues to implement reforms and attract international investment, the country is poised to become a hub for business and economic activity in the region.

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

Nigeria’s first-ever domestic US dollar bond has been named West Africa Deal of the Year at the 2025 Global Banking & Markets Africa Awards, following a highly successful issuance that raised $917 million.

Announced by the Debt Management Office (DMO) on August 19, 2024, the bond initially targeted $500 million but was oversubscribed by 180%. With a five-year tenor, it was listed on both the Nigerian Exchange (NGX) and FMDQ Securities Exchange.

The landmark issuance attracted a broad spectrum of investors, including local institutions, diaspora Nigerians, and international players. Africa Finance Corporation (AFC) served as Global Coordinator.

Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite, received the award at the Bonds, Loans & ESG Capital Markets Conference in Cape Town, South Africa, and formally presented it to the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun today in his office in Abuja.

This award marks an important step in our ambition to position Nigeria—and Lagos—as a leading international financial centre, Edun said. It also reflects growing confidence in the expertise and resilience of Nigeria’s financial system, which has once again delivered under challenging global conditions, the Minister affirmed.

This prestigious award underscores Nigeria’s commitment to developing its capital markets, improving its investment landscape, and attracting foreign investment. It is also a testament to the country’s potential for economic growth and its determination to become a leading international financial centre.

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

Nigeria’s quest for economic greatness has received a significant boost as the International Monetary Fund (IMF) has indicated its support for the Single Window Trade Project, a groundbreaking initiative poised to streamline trade, increase revenue, and propel the country to the forefront of African economies.

The IMF’s intention of support was indicated during a meeting between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and a delegation from the IMF Fiscal Affairs Department, led by Marco Antonio, Technical Assistance Advisor for Revenue Administration 2. The meeting highlighted the IMF’s strong support for the Single Window Trade Project, which aims to streamline trade processes, increase government revenue, and enhance the ease of doing business.

Antonio praised the NSW project, among other reforms, and inquired about how the IMF could provide further assistance for its successful implementation. HM Edun affirmed that the project is well underway, with approvals secured, a dedicated team in place, and a structured implementation plan.

He underscored the initiative’s potential to catalyze export growth, particularly with Nigeria on course to achieve 1.2 million barrels of daily oil production. Describing the project as a transformative economic tool, Edun reiterated the government’s commitment to its success, citing the strategic leadership of President Tinubu and the support of the Nigeria Customs Service as key to its execution.

As Nigeria continues on its path to economic transformation, the Single Window Trade Project is poised to play a pivotal role. With the IMF’s endorsement, this initiative is expected to enhance trade efficiency, increase revenue, and stimulate economic growth, positioning Nigeria as a beacon of trade excellence in Africa.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 3, 2025