Posts in category: News

As African leaders converge on Addis Ababa for the 38th Ordinary Session of the Assembly of the African Union (AU) Heads of State and Government, Nigeria is playing a key role in shaping the continent’s economic agenda.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has joined President Bola Ahmed Tinubu at the summit, which is themed: Acceleration of the African Continental Free Trade Area (AfCFTA) Implementation.

The Minister is engaging in discussions focused on economic stability, health financing, and the establishment of an Africa Credit Rating Agency—key issues that align with Nigeria’s economic priorities.

As the AU Summit sets the stage for a more integrated and prosperous Africa, Nigeria’s active participation underscores its commitment to driving economic growth and development across the continent. With the AfCFTA at the forefront of the agenda, Nigeria is poised to play a leading role in shaping Africa’s economic future.

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

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reiterated President Bola Ahmed Tinubu-led Administration’s commitment to threanthening bilateral relations aimed at
attracting Foreign Direct Investment (FDI) in order to boost the country’s economy

The Minister gave the assurance in his office in Abuja when he received the
French Ambassador to Nigeria, H.E
Marc Fonbaustier

He stated that the government is committed to attracting
investment and strengthening public-private partnerships to drive sustainable development

Speaking earlier, the French Ambassador to Nigeria H.E Marc
Fonbaustier stated that his meeting with the Honourable Minister of Finance & Coordinating Minister of the Economy Mr. Wale Edun was to discuss economic cooperation and deepen bilateral relations.

Fonbaustier commended the government’s efforts in stabilising the economy as well as in promoting growth

The meeting highlighted the two nations’ commitment to deepening bilateral relations and exploring new avenues for economic cooperation.

It also marks the latest development in the growing economic partnership between Nigeria and France, providing opportunities for job creation and stimulates economic growth and development of the country in line with the Renewed Hope Agenda of the present administration.

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

Nigeria is set to take centre stage in Africa’s economic growth and development as it officially signed an agreement to host the 2025 Afreximbank Annual Meetings (AAM2025) in Abuja, reinforcing the country’s leadership in African trade and economic development.

The signing ceremony took place today at the Federal Ministry of Finance Headquarters Auditorium
Abuja, with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, representing the Nigerian government.

Also present at the ceremony was Afreximbank President, Professor Benedict Oramah, the Honourable Minister of Information and National Orientation Alhaji Mohammed Idris, Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya, Permanent Secretary Special Duties Mr Raymond Omenka, Permanent Secretary, Federal Ministry of Health Kachollom Shangti Daju, Trade and investment Ambassador Nura Abba,
State House. Temitope Peter Fashedemi
alongside senior government officials, business leaders, and financial experts.

The decision to host AAM2025 in Nigeria reflects Afreximbank’s confidence in President Bola Ahmed Tinubu’s administration and the country’s role in advancing stronger trade across Africa.

In his address at the event, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, highlighted the significance of hosting the prestigious Meetings, stating:

Nigeria is honoured to host the 2025 Afreximbank Annual Meetings, which will serve as a critical platform to drive discussions on trade financing, economic growth, and investment opportunities across Africa.

He added that the event is a testament to our commitment to strengthening Africa’s financial sector and positioning Nigeria as a hub for economic transformation.

Afreximbank President Professor Benedict Oramah commended Nigeria’s leadership in promoting trade and economic development, noting that the country’s hosting of the event would further reinforce its influence in shaping Africa’s financial landscape.

The Afreximbank Annual Meetings attract policymakers, investors, and financial experts from across the world to deliberate on Africa’s economic challenges and opportunities.

The 2025 edition will focus on enhancing trade financing for African businesses, strengthening cross-border trade and payment systems,expanding opportunities for small and medium-sized enterprises (SMEs) as well as Africa’s role in global trade and industrialisation

The AAM2025 is scheduled to take place in Abuja from June 23 to June 27, 2025, with over 5,000 delegates expected to participate in the high-level discussions.

With preparations underway, stakeholders expressed optimism that AAM2025 will reinforce Nigeria’s position as a global investment destination while fostering stronger trade across Africa.

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

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has highlighted capital market growth in the country when he appeared before the Senate Committee on Capital Market, emphasizing its crucial role in achieving President Bola Ahmed Tinubu’s vision of a $1 trillion economy

HM Edun reported strong market growth, noting that the Nigerian stock market surged by 37% in 2023 and has already recorded a 1.5% increase in early 2024, signalling investor confidence and economic resilience. He also revealed that pension fund assets had reached ₦20.5 trillion as of December 2024, highlighting further the importance of long-term savings in financial stability.

On budget performance, the Minister announced that 2024 revenue collections exceeded targets, reaching ₦27 billion—120% of the projected ₦22 billion. This follows a 70% increase from 2023, where actual revenue stood at ₦16 billion against a ₦14 billion projection.

The Honourable Minister stressed the need for continued regulatory reforms and investor-friendly policies, citing the Investment and Securities Bill before the Senate as a key step in strengthening capital market operations

With the stock market’s steady expansion and record-breaking investor participation, he reaffirmed that Nigeria’s capital market remains a critical driver of economic growth and long-term investment.

The Senate Committee is expected to continue deliberations on policy measures to further strengthen the financial sector.

As Nigeria continues on its trajectory of economic growth, the capital market’s remarkable performance is a testament to the government’s commitment to creating a favourable business environment. Also, with the Honourable Minister’s assurance of sustained reforms and investor-friendly policies, Nigeria’s capital market is poised to play an increasingly vital role in driving the country’s economic ambitions.

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

The Federal Government has reaffirmed its commitment to private sector-led economic growth, highlighting
the International Finance Corporation’s (IFC) role in driving investment across key sectors of the economy.

Speaking at a World Bank event on Thursday, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, assured that the government would continue to foster a business-friendly environment that attracts private sector investment.

He praised IFC’s support in agriculture, infrastructure, and energy, stressing that such partnerships are vital for economic stability and job creation.

The Minister noted that recent reforms, including subsidy removal and increased production, have strengthened public finances and improved the investment climate.

Acknowledging the impact of higher living costs, he assured that boosting food security and expanding financial support for vulnerable Nigerians remain top priorities.

The Honourable Minister also thanked IFC and other development partners for their continued role in Nigeria’s economic transformation.

As Nigeria continues to navigate its economic transformation, the partnership between the government and organizations like the IFC is crucial for driving growth, creating jobs, and improving lives. With renewed commitment and collaborative efforts, Nigeria is poised to unlock its full economic potential.

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

Vacancy for Country Economist under TaxDev Phase III

Country Economist – Nigeria: The Centre for Tax Analysis in Developing Countries (TaxDev) Phase III

ODI is seeking applications for the following role to work closely with our partners at the Federal Ministry of Finance in Nigeria.

The role will primarily involve developing partnerships and working effectively with analysts and policymakers in the government of Nigeria. The jobholder will conduct applied, policy-relevant analysis, be involved in rigorous research projects and dissemination, and work with partners to embed new analytical processes.

Interested candidates should submit a CV and a (maximum) 2-page covering letter outlining how your qualifications, skills and experience match those in the role of interest to dpfrecruitment@odi.org.uk. The deadline for applications is Sunday 5 January 2025.

In a bold move to revolutionize Nigeria’s Agricultural Sector, the Federal Government has convened a high-level dialogue at the African Development Bank (AfDB) Country Office, Abuja to accelerate the implementation of the Special Agro-industrial Processing Zones (SAPZ-1) Programme.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed that this strategic initiative aims to transform agriculture into a key driver of economic growth and industrialization.

He informed that the SAPZ-1 High-Level Implementation Acceleration Dialogue and States Steering/Technical Committee Workshop, brought together key stakeholders from state governments, the private sector, and development partners to address implementation challenges and drive progress in the nation’s agricultural transformation.

The Minister highlighted the strategic role of the SAPZ-1 programme in transforming Nigeria’s agricultural sector into a key driver of economic growth and industrialisation, emphasising the importance of collaboration between the federal government and the private sector in achieving increased domestic production, job creation, and poverty alleviation.

HM Edun noted that the private sector is crucial for achieving the President’s vision of industrialization and sustainable economic growth.

The SAPZ-1 programme is a strategic investment initiative aimed at industrialising Nigeria’s Agricultural Sector and fostering inclusive growth across the country. Its first phase is being implemented in seven states and the Federal Capital Territory, with the support of international development financiers such as the AfDB, Islamic Development Bank (IsDB), and the International Fund for Agricultural Development (IFAD), he said

The Coordinating Minister of the Economy underscored the urgency of the programme, emphasizing further on the need for a successful wet and dry season harvest to address inflation, stabilize the exchange rate, and lay the groundwork for future investment.

Our immediate priority is ensuring that food production meets the needs of Nigerians while setting the stage for long-term economic growth. This is pivotal not only for inflation control but also for strengthening the nation’s overall economic stability, the Minister added

He observed the need for temporary importation to fill gaps in the short term, stressing that it should not disrupt ongoing efforts in domestic farming and food processing. Instead, he said these efforts are intended to ensure food availability while positioning Nigeria for export opportunities in the near future.

The success of this programme will directly impact inflation, interest rates, and the overall investment climate, making it a critical component of our broader economic strategy
Edun explained

The workshop brought together prominent figures and top government officials, including Sen. Abubakar Kyari, the Honourable Minister of Agriculture and Food Security; Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI); Dr. Abdul Kamara, Director General of the Nigeria Country Department at the AfDB; and other representatives from partner institutions such as IFAD and IsDB.

Discussions focused on overcoming bottlenecks and ensuring that all stakeholders align their efforts to meet the ambitious goals of the SAPZ-1 programme, which aims to modernize Nigeria’s agricultural sector and drive economic growth.

With the SAPZ-1 programme, Nigeria is poised to unlock its agricultural potential, drive economic growth, and ensure food security for its citizens.

The success of this initiative will have far-reaching implications for the nation’s economic stability and prosperity.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
October 9, 2024