Posts in category: News

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has pledged his support for the humanitarian efforts of Mission Aviation Fellowship (MAF), an evangelical Christian organization providing critical services to remote communities worldwide.

A delegation from MAF, led by Rick Emenaker, Stan Unruh, Souleymane Kouyate, and Don Campion, paid a courtesy visit to the Minister at his office in Abuja.

The team briefed the Minister on their activities and sought his guidance on key challenges, highlighting their contributions to humanitarian agencies, missionaries, and remote communities through aviation, communications, and learning technology services.

In response, HM Edun commended MAF for its invaluable contributions to the nation and pledged his support where possible. He, however, directed the delegation to relevant authorities for further assistance, underscoring the government’s commitment to supporting humanitarian efforts.

As MAF continues to provide vital services to those in need, the Minister’s pledge of support underscores the importance of collaboration between government agencies and humanitarian organizations. By working together, they can make a more significant impact and improve the lives of millions of Nigerians.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
February 19, 2025

In its avowed determination to improve the business environment in the country, the Federal Government of Nigeria, in collaboration with the World Bank has declared the 2025 National Sensitization Workshop on the States Action on Business Enabling Reforms (SABER) Programme-for-Results open in Abuja – a $750 million initiative aimed at incentivizing state-level reforms to improve Nigeria’s business climate.

The Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, while declaring the event open, emphasized the significance of the programme in fostering economic growth through business-friendly reforms.

We are committed to creating an enabling environment that promotes business competitiveness and attractiveness, Mrs. Jafiya stated.

She added that the SABER programme is a critical component of our efforts to enhance the business climate and drive economic growth,

The Permanent Secretary highlighted the progress made so far, with 33 states and the Federal Capital Territory (FCT) signing the Subsidiary Loan Agreement (SLA) under the SABER programme.

Mrs Jafiya informed that 28 states have received between $1 million and $4 million in prior results disbursements, totalling $68.36 million.

She acknowledged the challenges faced by states in implementing reforms but encouraged them to persevere. We will continue to support states in their efforts to improve the business environment and attract investments, Mrs. Jafiya assured.

The Permanent Secretary also emphasized the importance of transparency and accountability in the implementation of the SABER programme, saying, We must ensure that the programme’s objectives are achieved in a transparent and accountable manner.

By streamlining processes for land acquisition and ownership, the Permanent Secretary informed further that the programme aims to reduce bureaucratic hurdles and make it easier for businesses to operate. Additionally, she said the SABER programme seeks to enhance private investment in fibre optic deployment, strengthening regulatory frameworks to support this growth.

The programme also prioritizes the strengthening of investment promotion agencies and public-private partnership units, recognizing the critical role these entities play in attracting investment and driving economic growth.

Furthermore, the SABER programme aims to improve transparency and efficiency in government-to-business services, reducing the complexity and uncertainty that can often hinder business operations.

The programme builds on the successes of the States Fiscal Transparency, Accountability, and Sustainability (SFTAS) initiative, which promoted fiscal transparency and accountability at the sub-national level. The SABER programme’s disbursements are contingent upon annual verification by an Independent Verification Agent (IVA), ensuring that states meet agreed reform milestones.

Bertine Kamphuis, Programme Leader for Equitable Growth, Finance, and Institutions at the World Bank, underscored the need for additional technical assistance, including in-person and smaller technical group meetings.

Dr. Ali Mohammed, National Programme Coordinator of the SABER Program, elaborated on the program’s financial structure, emphasizing that the $750 million budget encompasses not only Programme-for-Results (P4R) disbursements but also capacity building for state officials and implementation partners.

As the workshop progressed, participants engaged in discussions and sessions aimed at enhancing their capacity to implement the SABER programme effectively. The event provided a platform for state officials to interact with facilitators and technical assistance partners, clarifying areas of the programme and providing feedback on their experiences.

As Nigeria continues to drive business reforms, the SABER programme plays a critical role in enhancing the business environment and promoting economic growth.

The Federal Ministry of Finance remains committed to fostering an improved business environment in Nigeria through collaborative efforts with state governments, the World Bank, and other strategic partners.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
February 18, 2025

The Federal Government has reaffirmed its dedication to unlocking the potential of Nigeria’s youth in order to drive economic growth and foster a more inclusive and sustainable economy.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun gave the assurance in his office in Abuja when the Arewa Youth Forum (AYF) paid him a courtesy call.

The Minister informed that the President Bola Ahmed Tinubu-led Administration has put in place several initiatives aimed at enhancing youth participation and financial inclusion.

He reiterated the Federal Government’s commitment to economic stability, investment, and youth empowerment in line with the Renewed Hope Agenda of the present administration

HM Edun outlined key government initiatives designed to enhance youth participation and financial inclusion, including:

Student Loan Program – Over 100,000 students have benefited, with ₦30 billion allocated.
Digital & Creative Economy Fund – Supporting youth-led businesses with a dedicated component for women entrepreneurs.
Consumer Credit Access – A government-backed initiative improving financial access for young Nigerians.
Infrastructure Development – Projects aimed at unlocking agricultural potential and driving economic expansion.

The Minister emphasized the government’s commitment to removing barriers that hinder youth participation in key sectors such as agriculture, manufacturing, and exports. He urged young Nigerians to take advantage of available economic opportunities and actively engage with government policies.

Commending the AYF’s vision, HM Edun assured the delegation further that the government remains focused on fostering an inclusive, vibrant, and sustainable economy for all. The future belongs to you, he stated, encouraging continued collaboration between youth groups and the government to drive economic growth and national development.

Speaking earlier, the National President ( AYF) Ahmed Mohammed Zagi commended the Ministry’s achievements under President Bola Tinubu’s administration, particularly in the areas of job creation, poverty alleviation, and economic expansion in Northern Nigeria.

He stated that their mission was to discuss the possible areas of collaboration with the government particularly in the areas of job creation, economic empowerment, growth and national development of the country for the benefit
of the teaming youth

While acknowledging the government’s palliative efforts, Zagi appealed for further assistance ahead of the Ramadan fast, stating that the support would caution the current economic challenges facing the ordinary Nigerians

As Nigeria continues on its trajectory of economic growth and development, the government’s commitment to youth empowerment and inclusive economic policies is poised to yield transformative results.

With initiatives like the Student Loan Program, Digital & Creative Economy Fund, and Consumer Credit Access, the future of Nigeria’s youth looks brighter than ever. The government’s dedication to fostering collaboration between youth groups and policymakers will undoubtedly drive economic growth, national development, and a more prosperous future for all Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
February 17, 2025

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.