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ABUJA, Nigeria - The Federal Government, represented by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has introduced a detailed economic strategy aimed at promoting sustainable development.
Edun made this announcement through a statement from the Ministry’s Director of Information and Public Relations, Mohammed Manga, on Tuesday in Abuja.
The minister during a TV programme presented the plan, outlining Nigeria's fiscal priorities and economic vision for the upcoming year.
He highlighted the government's commitment to fiscal discipline, boosting revenue, and enhancing investment in climate initiatives. The government has forecasted a GDP growth rate of 4.6 percent for 2025, with a long-term goal of achieving seven percent annually, which is vital for reducing poverty and ensuring sustainable development.
Edun pointed out that maintaining macroeconomic stability is a priority, emphasizing the importance of exchange rate stability, a trade surplus, and increased oil production to strengthen Nigeria’s position in the global economy.
He also noted that foreign reserves had surpassed 40 billion dollars, reflecting confidence in the country's economic policies and fiscal management.
He stressed the vital role of the private sector in stimulating economic growth, pointing to Public-Private Partnerships (PPPs) as a significant avenue to address Nigeria's annual infrastructure investment shortfall of 100 billion dollars.
Landmark initiatives such as the Benin-Asaba Highway and the Lagos-Abeokuta Road are set to be developed through PPPs, aiming to improve travel times and boost productivity.
In the oil and gas sector, the minister emphasized the significance of domestic refining, citing the Dangote Refinery as a leader in local crude oil processing. This shift is expected to considerably lessen import dependency, enhance energy security, and bolster economic resilience.
Edun also spoke about fiscal policy reforms, outlining the government's efforts to broaden the tax base, improve revenue collection, and establish a business-friendly tax environment.
He advocated for a balanced approach to taxation that would promote investment while ensuring sufficient funding for national needs.
As the nation progresses, the minister reiterated the government's commitment to economic transformation through policies that encourage growth, stability, and private sector involvement.
Edun asserted that by building on strategic reforms, Nigeria is ready to seize new opportunities for prosperity, accelerate national development, and secure a brighter future for future generations.
