Posts in category: News

In a significant step towards improving access to quality education in Nigeria, the Federal Government and the Kuwait Fund for Arab Economic Development have partnered to support the Reaching Out-of-School Children programme in Kaduna State.

This partnership is built on a US$25.35 million concessionary loan agreement signed today between the Federal Government of Nigeria on behalf of Kaduna State and the Kuwait Fund for Arab Economic Development.

The facility forms part of a wider US$62.8 million blended package with international partners that will expand access to quality, inclusive education and improve learning outcomes for some of Nigeria’s most vulnerable children.

Speaking at the event which held in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, stated that the programme reflects Nigeria’s commitment to transparency, accountability and results in social investment.

Represented by the Honourable Minister of State for Finance Dr Doris Uzoka-Anite, the Minister emphasised that this partnership is about compassion, equity and the power of education. With millions of children still out of school, especially in the North, every dollar must translate into real change for the children and communities we serve. Kaduna State’s leadership and the strong engagement of our development partners give us confidence that this initiative will become a model for other states, he said.

Director-General of the Kuwait Fund, Dr Wahid Al-Bahar, described the project as an investment in hope. This is more than infrastructure. By enrolling over 100,000 children, building or upgrading more than 200 schools, and empowering thousands of teachers, we are helping to ensure that no child is left behind. The Kuwait Fund is proud to support this effort and looks forward to deepening our cooperation with Nigeria, Dr Al-Bahar noted.

The Executive Governor of Kaduna State, Senator Uba Sani, reaffirmed the State’s prioritisation of education and announced that Kaduna has provided its counterpart contribution in full. Education is the cornerstone of our transformation agenda. In 2025, we increased the education share of our budget to 26 percent. Under this programme, we will construct 102 new climate-resilient schools and rehabilitate or upgrade 170 existing schools and learning centres, with a focus on girls, children with disabilities and internally displaced children. This is about restoring dignity and opportunity to every child, the Governor assured.

The programme will focus on the construction of new, climate-resilient schools and rehabilitation of existing facilities across hard-to-reach communities, re-enrolment of out-of-school children into safe, inclusive and quality learning environments, teacher development to strengthen pedagogy and improve learning outcomes, and community-based solutions that lower barriers to attendance and completion, particularly for girls and children with disabilities.

The financing partners and indicative contributions include Kuwait Fund for Arab Economic Development with a US$25.35 million concessionary loan, Islamic Development Bank with US$10.5 million, Global Partnership for Education with a US$15.45 million grant, Education Above All Foundation with a US$10 million grant, Save the Children International with a US$0.5 million technical assistance grant, and Kaduna State Government with a US$1 million counterpart funding. The total programme envelope is US$62.8 million.

The Federal Ministry of Finance will oversee fiduciary assurance and results reporting in close collaboration with Kaduna State and participating partners. Regular joint reviews will track enrolment, teacher training and learning gains to ensure measurable impact.

This partnership marks a crucial milestone in Nigeria’s efforts to revolutionize education and provide opportunities for millions of out-of-school children in the State. With the combined efforts of the Federal Government, Kaduna State, and international partners, Nigeria is set to create a brighter future for its next generation.

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

www.finance.gov.ng

The Federal Government of Nigeria has reaffirmed its commitment to strengthening trade and investment relations with the United States as part of its efforts to boost economic growth and development.

This commitment was underscored during a meeting between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the United States Consul General to Nigeria, Mr Rick Wart, in Abuja.

Represented by the Ministry’s Permanent Secretary Mrs. Lydia Shehu Jafiya, the meeting
highlighted the historic and strategic bilateral relationship between Nigeria and the United States. The Minister emphasised that Nigeria values its partnership with the United States and will explore new frontiers to enhance investment opportunities, promote innovation, and contribute to sustainable development in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

HM Edun reiterated the Federal Government’s commitment to creating an enabling environment for Foreign Direct Investors (FDIs) to unlock investment opportunities in the country. He added that improved cooperation between Nigeria and the United States aligns with President Bola Ahmed Tinubu’s economic reform agenda, which prioritizes private sector participation, fiscal sustainability, and inclusive growth.

Speaking earlier, the US Consul General, Mr. Richard Swart commended the Federal Government for its ongoing reform initiatives and reaffirmed the United States’ commitment to supporting Nigeria’s economic development.

He stated that the United States and Nigeria have built a resilient and enduring partnership. We will continue to explore new opportunities for collaboration in trade, investment, and capacity building. Our goal is to support Nigeria in achieving broad-based economic growth and improving the lives of its citizens. Mr. Swart said. The Consul General acknowledged the importance of fostering transparent and investor-friendly policies, as well as creating an enabling environment for the U.S. businesses to thrive in Nigeria.

Both parties expressed optimism about future engagements and pledged to work towards deepening bilateral economic relations, enhancing trade flows, and attracting increased foreign direct investment in Nigeria. As both nations look to deepen their economic partnership, the prospects for increased foreign direct investment, improved trade flows, and sustainable development in Nigeria appear promising.

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

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has spotlighted innovation as the cornerstone of Nigeria’s economic transformation, describing innovation as the bedrock of productivity

Delivering a keynote address at the NSIA Prize for Innovation (NPI) Demo Day 3.0, weekend,
the Minister emphasised that the country’s shift from potential to prosperity hinges on homegrown, scalable solutions led by its youthful population, over 65% of whom are under 30.

Nigeria’s transformation must be built on ideas, he declared, driven by our youth and anchored in inclusivity. For the private sector, the message was clear: Nigeria’s future growth will be fuelled by long-term investments in enterprise.

HM Edun reaffirmed the Federal Government’s commitment to unlocking patient capital through mechanisms such as the N200 billion Presidential MSME Fund, streamlining regulation, and positioning government as an early adopter of tech-enabled solutions.

The Minister also announced upcoming policy tools—including National Innovation Hubs, Youth Innovation Trusts, and the mainstreaming of coding in basic education aimed at catalysing enterprise at scale. Commending the NSIA’s support for startups beyond infrastructure into sectors like health, digital learning, and agri-value chains, Edun noted that the Demo Day exemplified how a strong innovation pipeline is central to Nigeria’s post-oil, private-sector-led growth.

Our prosperity lies in our people, he concluded. And the boldest ideas that will define Nigeria’s economic future are only just beginning.

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

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed the President Bola Ahmed Tinubu-led Administration’s commitment to leveraging the private sector as a key driver of Nigeria’s economic growth and development.

The Minister gave the assurance today in his office in Abuja when he received a high-level delegation from the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), on a courtesy visit led by the Director General Mr. Sola Obadimu

The meeting discussed strategic collaboration on Nigeria’s economic reform programme, with a focus on correcting long-standing structural distortions to build a more resilient and inclusive economy. HM Edun highlighted recent progress in strengthening the Naira, attracting diaspora and domestic capital, as well as reducing import dependence through increased local production.

Speaking earlier, the Director General NACCIMA, Mr. Obadimu commended key reforms of the present administration, notably the removal of fuel subsidies and unification of the exchange rate, while calling for deeper engagement on tax clarity, access to trade finance for MSMEs, and better alignment between policy timelines and implementation.

Both parties affirmed that sustained economic transformation will depend on effective public-private partnership, placing the private sector at the centre of Nigeria’s long-term growth strategy. They also discussed NACCIMA’s upcoming 65th Annual Conference and Investment Summit, themed Harnessing Private Sector Potential to Achieve a One Trillion Dollar Economy by 2030.

The meeting underscores the administration’s commitment to private sector-led economic growth and development. As Nigeria continues to navigate its economic challenges, the collaboration between the government and private sector stakeholders will be crucial in driving sustainable growth and development.

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

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today received Ms. Anshula Kant, Managing Director and Chief Financial Officer of the World Bank, for a high-level engagement focused on deepening economic reforms and mobilising private capital for growth.

Ms. Kant, who led a senior delegation to Abuja, described Nigeria as a cornerstone of the World Bank’s Africa strategy and praised the government’s bold macroeconomic reforms, including foreign exchange liberalisation and subsidy removal, for restoring investor confidence and laying the foundations for inclusive, private sector–driven development.

Nigeria’s reform momentum is both necessary and commendable, she noted. We stand ready to accelerate our support, particularly in energy, digital access, and youth employment, the pillars of a competitive, future-facing economy.

HM Edun reiterated that Nigeria’s priority is scaling growth through strategic investment in infrastructure, agriculture, and digital innovation. He cited renewed investor interest, improved reserves, and over $7 billion in oil and gas commitments as early signals of success. The path to sustainable prosperity lies in unlocking private investment. The World Bank’s partnership is critical to achieving this, he said.

The meeting also explored innovative financial tools to reduce the cost of capital and boost SME financing, including blended finance platforms and new guarantee instruments under MIGA.

The session concluded with a shared commitment to deepen collaboration, ensuring Nigeria’s reforms translate into jobs, capital flows, and resilient economic growth for the benefit of all.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
July 25, 2025

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, reaffirmed the Federal Government’s commitment to institutional performance and staff welfare, commissioning a fleet of Compressed Natural Gas (CNG) buses and announcing the reintroduction of essential provisions for the staff

Speaking at a special staff engagement forum in his office in Abuja, Edun emphasised that the Ministry’s internal strength is vital to delivering Nigeria’s broader economic reform agenda. This Ministry is the engine room of national transformation and that engine must be well‑fuelled, he remarked.

The newly commissioned CNG buses, received under the Presidential Initiative on CNG, reflect a dual-purpose commitment: easing staff mobility while accelerating Nigeria’s transition to cleaner, cost‑efficient energy solutions. The move underscores the Ministry’s alignment with private sector expectations for fiscal responsibility, operational transparency, and environmental sustainability.

The event was also graced by the Chairman of the Presidential Initiative on CNG, Barr. Ismaeel Ahmed, who reiterated the programme’s mission to mainstream cleaner transport across government institutions and stimulate local industrial value chains.

The Minister also announced the revival of monthly welfare provisions to staff—a practical gesture aimed at fostering morale and stability as the Ministry leads the charge on macroeconomic reform, treasury digitalisation, and enhanced service delivery.

Ealier in her opening remarks, the
Permanent Secretary, Federal Ministry of Finance Mrs Lydia Shehu Jafiya praised the Minister’s leadership, describing the engagement as a timely moment of unity and recommitment.

She called on staff to reflect the professionalism and discipline that Nigeria’s economic stability demands.

As Nigeria continues to undertake difficult but necessary reforms, the Ministry’s internal cohesion and external accountability remain critical to restoring investor confidence, supporting market growth, and achieving inclusive prosperity.

Signed
Mohammad Manga FCAI
Director, Information and Public Relations
July 23, 2025

www.finance.gov.ng

The Federal Government has applauded the launch of the Produce for Lagos Programme and ₦500 Billion Off-Take Guarantee Fund, saying the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun gave the commendation today in his remarks during the groundbreaking ceremony held in Lagos.

Represented by the Honourable Minister of State for Finance Dr. Doris Uzoka-Anite, the Minister highlighted the transformative potential of the programme, stating that it underscores the collective commitment to national food security and exemplifies the transformational power of partnership across levels of government and the private sector.

He stated that the programme aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which identifies agriculture as a foundational and futuristic pillar of Nigeria’s national development architecture.

HM Edun emphasized that the programme will unlock the productive potential of farmers, traders, processors, and transporters and promote inter-state economic solidarity.

We are blessed with vibrant populations, abundant natural resources, and an entrepreneurial spirit that positions us not as competitors, but as partners with a shared vision of resilient economies, inclusive growth, and sustainable development, he stated.

The ₦500 billion Offtake Guarantee Fund was highlighted as a bold and timely intervention, providing assurance to farmers, agribusinesses, and investors, and reducing risks associated with agricultural investments. It tells every farmer that their sweat will be matched with sustainability. Every agribusiness that their risks will be reduced. Every investor that agriculture is bankable, investable, and scalable, the Minister emphasized.

Edun also highlighted the Federal Government’s commitment to revamping and scaling the agricultural sector through various initiatives, including the Presidential Initiative on Compressed Natural Gas (CNG), the National Agricultural Growth Scheme and Agro-Pocket Programme (NAGS-AP), and the development of Special Agro-Industrial Processing Zones (SAPZs).

A $1 billion strategic agreement with the Government of Brazil under the Green Imperative Project was also mentioned, aimed at modernizing Nigeria’s agricultural landscape through the provision of 10,000 tractors, modern farm implements, and agro-processing equipment.

He commended the visionary team behind the project and called on all stakeholders to join hands in building a future where Lagos feeds itself and contributes meaningfully to national food sufficiency. Let it be a call to action for all stakeholders to join hands in building a future where Lagos feeds itself—and contributes meaningfully to national food sufficiency, the Minister concluded.

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

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the Federal Government’s commitment to empowering local government institutions as a cornerstone of inclusive economic growth.

Speaking at a high-level policy dialogue hosted by AGORA Policy with support from the MacArthur Foundation, the Minister underscored that strengthening local governance is central to President Bola Ahmed Tinubu’s poverty reduction strategy. Grassroots empowerment is not just a governance issue, it’s an economic imperative, he said.

HM Edun referenced the Federal Government’s recent compliance with the Supreme Court’s landmark ruling on local government autonomy, affirming that only democratically elected local councils now receive direct allocations from the Federation Account. This, he clarified, is not a policy choice but the government’s constitutional obligation to uphold the judgment of the highest court of the land.

To reinforce this shift, the Federal Government has launched targeted initiatives including the Nutrition 774 Programme, Project 774 Digital Connectivity, and the HOPE Programme supported by the World Bank. Each intervention is designed to drive outcomes in human capital development, digital access, and local-level service efficiency — all critical to unlocking Nigeria’s long-term productivity.

These are not symbolic gestures, Edun stated. They are structured investments in governance that catalyse private sector confidence, reduce economic exclusion, and foster scalable development.

He concluded by calling for deeper coordination between all tiers of government, emphasising that the full economic benefit of local government reform can only be realised through strategic collaboration and policy discipline.

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

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has welcomed the release of Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures and the Q1 2025 GDP growth estimate of 3.13%, describing both as important signals of the country’s economic resilience and renewed momentum.

The GDP rebasing—Nigeria’s first since 2014—was undertaken by the National Bureau of Statistics (NBS) in line with international best practices and represents a critical step toward more accurate, up-to-date, and comprehensive measurement of the economy. The updated national accounts now better reflect structural changes in the economy, including the rise of the digital and creative sectors, increased activity in services, and stronger diversification across non-oil industries.

The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance. It allows policymakers, investors, and citizens to better understand the true size and composition of the economy, so we can plan more effectively and deliver greater prosperity to all Nigerians, the Minister stated.

Structural Shifts Reflect a Modernising, Diversifying Economy

The rebased data reveal important shifts in the structure of the Nigerian economy. Notably, the services sector—particularly ICT, finance, entertainment, and professional services—now accounts for a larger share of GDP. Agriculture and manufacturing remain vital contributors, while the role of oil and gas continues to decline in relative terms, underscoring the impact of ongoing diversification efforts.

These changes are not just statistical—they reflect real transitions underway in the Nigerian economy. Our young, tech-savvy population is powering growth in new sectors, and our reforms are unlocking the potential of industries that were previously underrepresented in our GDP figures, Edun noted.

This evolving structure reinforces the government’s strategy of investing in productivity, infrastructure, digital innovation, and human capital to drive future growth and job creation.

Q1 2025 Growth Outpaces Previous Year — A Sign of Momentum

The Minister also highlighted the 3.13% year-on-year GDP growth recorded in Q1 2025, an improvement over the 2.4% recorded in Q1 2024, as further evidence that the economy is gaining strength under the Renewed Hope Agenda. The acceleration was driven by strong performance in agriculture, telecoms, construction, and financial services.

We are encouraged by the broad-based nature of this growth, which is occurring across key sectors and supported by stable macroeconomic reforms. This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth, he said.

With continued implementation of structural reforms, fiscal discipline, and targeted investments in critical sectors, the Honourable Minister reaffirmed the government’s medium-term ambition of achieving a 7% annual GDP growth rate, in line with national development priorities.

Our goal is not just growth, but growth with impact, especially the creation of quality jobs. The new data helps us better track progress, refine our strategies, and ensure that economic expansion translates into more jobs, higher incomes, and better living standards for all Nigerians, he added.

The Federal Ministry of Finance commends the National Bureau of Statistics for its professionalism and technical rigour in delivering the rebasing exercise and quarterly GDP reports. These data tools are critical to designing policies that are grounded in reality and aimed at unlocking the full potential of Nigeria’s economy.

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

Email: Media@finance.gov.ng
Website: www.finance.gov.ng

The Federal Government of Nigeria has reaffirmed its commitment to fostering a deeper, more strategic economic partnership with the Arab Republic of Egypt. This commitment was underscored by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who proposed the establishment of a Nigeria-Egypt Joint Investment Council during the Nigeria-Egypt Business Forum in Abuja on Monday.

The proposed Council will serve as a dedicated platform to identify investment opportunities, mitigate risks, and align public and private sector efforts toward their shared economic growth. This partnership is expected to unlock new frontiers of prosperity, drive sustainable economic growth, and enhance the ease of doing business between the two nations.

We are blessed with vibrant populations, abundant natural resources, and an entrepreneurial spirit that positions us not as competitors, but as partners with a shared vision of resilient economies, inclusive growth, and sustainable development, Edun stated,

Represented by the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, the Minister, emphasized that Nigeria remains committed to strengthening bilateral ties with Egypt and unlocking new frontiers of prosperity through strategic dialogue, investment, and private sector collaboration.

The forum highlights Nigeria’s openness to business and its commitment to improving the macro-economic environment and restoring investor confidence through significant fiscal, monetary, and regulatory reforms.

Key sectors identified for Egyptian investment include infrastructure, agriculture and agribusiness, energy and renewables, digital economy, manufacturing as well as industrialization.

These sectors, HM Edun informed, offer vast opportunities for collaboration and are expected to drive economic growth and development in both countries.

The proposed establishment of the Nigeria-Egypt Joint Investment Council is a significant step toward deepening economic ties between the two nations. It is expected to facilitate the identification of investment opportunities, mitigate risks, and align public and private sector efforts toward shared economic growth.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
July 22, 2025

www.finance.gov.ng