Posts in category: News

In a significant step towards boosting Nigeria’s economic prospects, the Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala met today with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, in his office in Abuja to advance a shared agenda for trade-led growth, investment, and inclusive development.

During the meeting, HM Edun highlighted Nigeria’s recent macroeconomic stabilisation — from a stronger naira and easing inflation to ratings upgrades from Fitch and Moody’s — as the foundation for sustained growth. He outlined a strategy built on export diversification, private-sector investment, and human capital development aimed at achieving 7% GDP growth.

Dr. Okonjo-Iweala commended these reforms, noting their potential to restore investor confidence and open new market opportunities under the AfCFTA. She urged Nigeria to accelerate job creation, expand exports, and strengthen safety nets and energy security to ensure growth translates into improved living standards.

Both leaders reaffirmed their commitment to integrating Nigeria into global value chains and harnessing digital trade, recognising the private sector as a key driver of competitiveness, resilience, and shared prosperity.

The meeting marks a crucial step towards a brighter economic future for Nigeria.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 15, 2025

The Federal Government has outlined its strategy for achieving renewed stability and accelerated growth, with a focus on private sector-led investment, job creation, and improved public services.

Speaking at a media briefing today, in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun shared the government’s vision for a more prosperous Nigeria.

He stated that the government’s economic strategy is anchored on two interrelated objectives: achieving a stable macroeconomic environment that supports private sector growth and building stronger government savings and public investment in critical sectors such as education, health, and infrastructure. This strategic approach, he explained, is designed to drive growth, create jobs, and improve public services.

Our task is to translate this into tangible improvements in the lives of Nigerians, through principally more jobs, and quality jobs that give higher incomes, and of course better public services, Edun said.

Despite global economic uncertainties, the Minister added that Nigeria’s economy is diversifying, with growth driven by sectors such as trade, communications, and construction. HM Edun noted that GDP growth reached 3.13% in Q1 2025, up from 2.3% in Q1 2024, while inflation moderated to 22.22% as of June 2025. Foreign exchange reserves stood at approximately $39 billion in July 2025.

He informed that the government has also settled outstanding capital budget obligations and is prioritising spending on critical sectors. The government, he added, is targeting 7% annual GDP growth, driven by private investment, infrastructure expansion, energy security, and food production. Key initiatives include implementing policies to support private sector growth, investing in critical infrastructure, and promoting agricultural development.

Our fiscal discipline and structural reforms are designed to build investor confidence and position Nigeria for sustainable, inclusive growth, the Minister said. We are committed to a coordinated fiscal and monetary policy framework that can substantially and sustainably reduce inflation, enabling cheaper capital for businesses so they can invest, and of course, greater purchasing power for households, Edun added.

The Minister also highlighted the government’s commitment to building an economy that works for everyone, with a focus on transparency, resilience, and purpose. Nigeria’s future growth depends on effective, honest, and targeted spending. We must ensure that public resources work harder for our people and our economy, he emphasized.

As the government continues to implement its economic reforms, it is expected that the economy will continue to grow and diversify, with a focus on private sector-led investment, job creation, and improved public services.

With this strategic approach, the Federal Government is confident that Nigeria’s economy will achieve renewed stability and accelerated growth, improving the lives of Nigerians and positioning the country for a brighter future.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 14, 2025

The Federal Government has taken a significant step towards accelerating economic growth and development by refining the implementation of its 2025 capital budget. This strategic move is aimed at unlocking private sector confidence, driving infrastructure delivery, and sustaining economic growth and development.

In line with this objective, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in Abuja, convened senior government officials to refine the implementation of Nigeria’s 2025 capital budget.

The session addressed the integration of unspent 2024 capital funds into the 2025 budget through the GIFMIS platform, streamlining disbursements and ensuring that every naira is deployed towards productive investments.

Under the revised framework, Ministries, Departments, and Agencies (MDAs) of the Federal Government must secure warrants before entering into contracts, aligning public expenditure with cash availability and strict financial regulations.

HM Edun underscored that transparent and efficient budget execution is critical to President Bola Ahmed Tinubu’s growth agenda, which targets GDP expansion of at least 7% to lift millions out of poverty.

For the private sector, the reforms signal a more predictable fiscal environment, improved payment cycles, and stronger infrastructure pipelines, essential foundations for investment, and job creation.

Nigeria’s future growth depends on effective, honest, and targeted spending, Edun said. We must ensure that public resources work harder for our people and our economy, he emphasized

With these reforms, Nigeria is poised to unlock its economic potential and drive sustainable growth. By prioritizing transparent and efficient budget execution, the government is sending a strong signal to investors and citizens alike that it is committed to building a better future for all Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 13, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has commended Lotus Capital’s leadership in promoting non-interest finance in Nigeria, emphasising that collaboration between the public and private sectors will be essential to mobilising sustainable, long-term capital for national development.

The Minister gave the commendation today in his office in Abuja when he received a high-level delegation from Lotus Capital Limited, led by its Managing Director Mrs. Hajara Adeola

The meeting explores ways of expanding Nigeria’s non-interest finance sector as a driver of inclusive economic growth.

Discussions further centred on how initiatives such as a Non-Interest Real Estate Investment Fund and a regular sovereign sukuk issuance programme could attract ethical investment into critical infrastructure, boost market liquidity, and widen access to finance for under-served communities.

The meeting underscores the Ministry’s commitment to exploring innovative financing solutions for Nigeria’s economic growth and development, highlighting the importance of public-private partnerships in driving progress in the non-interest finance sector.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 12, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja met with a delegation from the Nigerian Economic Society (NES), led by its President, Prof. Adeola Adenikinju, committing to deeper collaboration aimed at shaping evidence-based economic policy.

Edun described NES as the intellectual and statistical repository of applied economics in Nigeria, emphasising that its research and policy recommendations are vital for guiding reforms that can unlock private sector investment and accelerate
sustainable growth.

He pledged the ministry’s full support for the Society’s upcoming annual conference, noting that stronger policy dialogue between government and economists would strengthen market confidence and improve economic outcomes.

Permanent Secretary of the Ministry of Finance, Mrs. Lydia Shehu Jafiya added: The Society’s work helps shape a clearer, more accurate narrative of Nigeria’s economy, which is essential for attracting investment and sustaining reform momentum.

Highlighting the conference theme, Rethinking Africa’s Development: Pathways Forward, Prof. Adenikinju outlined how leading economists, including Nobel laureate Prof. Roy Pearson will convene in Abuja to debate strategies for inclusive growth, fiscal stability, and innovation. The event will feature over 200 academic papers and engage 500 economics students, building capacity for the next generation of policy leaders.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 14, 2025

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