Would you like to receive notifications on latest updates of the following headlines?

Nigeria unveils comprehensive economic strategy to drive sustainable development

POSTED ON March 11, 2025 •   BUSINESS      BY Abiodun Saheed Omodara
Minister of Finance and Coordinating Minister of the Economy, Wale Edun

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.

READ ALSO
FG Mandates GPS Coordinates for Capital Projects Over N150 Million in 2025
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has required that all Ministries, Departments, and Agencies provide the Globa...

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

READ ALSO
CBN Maintain Interest Rate at 27.5%
BY Abiodun Saheed Omodara July 22, 2025 0

The Central Bank of Nigeria (CBN) has decided to keep the country's Monetary Policy Rate (MPR) at 27...

READ ALSO
Economic Reforms Slash Nigeria's Debt Servicing from 97% to 50%- Oloyede
BY Abiodun Saheed Omodara July 22, 2025 0

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed th...

READ ALSO
CBN, Private Sector Raise Concerns Over Nigeria Customs' B’Odogwu Digital Clearance System
BY Abiodun Saheed Omodara July 21, 2025 0

The Central Bank of Nigeria (CBN) and the organized private sector have expressed concerns regarding...

READ ALSO
Nigeria-Egypt Trade Surges by 68%, Foreign Minister Highlights Trade Imbalance
BY Abiodun Saheed Omodara July 21, 2025 0

Trade between Nigeria and Egypt has seen a significant increase of 68.45 percent over the past year....

READ ALSO
Enugu State Cuts Electricity Tariff for Band A Customers to N160/kWh, Effective August 1, 2025
BY Abiodun Saheed Omodara July 21, 2025 0

The Enugu State Electricity Regulatory Commission has released a new tariff order for MainPower Elec...

OUR CHANNELS:

FG Targets Two Million Jobs with Social Housing Programme
BY Abiodun Saheed Omodara July 28, 2025 0

The Federal Government has set an ambitious target of creating over two million jobs throughout Nige...


Nigeria, South Africa World Cup Qualifier Set for September 9 in Bloemfontein
BY Abiodun Saheed Omodara July 28, 2025 0

FIFA has announced that South Africa's 2026 World Cup qualifying match against Nigeria will take pla...


EU Reaffirms Support for Peace-building in Nigeria
BY Abiodun Saheed Omodara July 28, 2025 0

The head of the European Union delegation to Nigeria and ECOWAS,Reuben Alba,reaffirmed the EU's dedi...


Ogun Imams Raise Alarm over Proposed Daytime Curfew for Traditional Rites, Cite Constitutional Breach
BY Abiodun Saheed Omodara July 28, 2025 0

The League of Imams and Alfas in Ogun State raised concerns on Sunday regarding traditionalists' int...


Tinubu Promises Grand Celebration as Super Falcons Clinch 10th WAFCON Title
BY Abiodun Saheed Omodara July 28, 2025 0

President Bola Tinubu has promised the Super Falcons a grand celebration when they return from Moroc...


NDLEA Uncovers Creative Concealment Methods, Nabs Chinese Businessman in Drug Busts
BY Abiodun Saheed Omodara July 28, 2025 0

The National Drug Law Enforcement Agency (NDLEA) has detained a Chinese businessman, Liang Tak You,...


Three Israeli Soldiers Killed in Gaza, Raising Toll to 462 Since Ground Offensive Began
BY Abiodun Saheed Omodara July 28, 2025 0

The military reported that two Israeli soldiers lost their lives in combat in southern Gaza, on Sund...


Yilwatda's Emergence Rekindles Debate on APC's 2027 Muslim-Muslim Ticket
BY Abiodun Saheed Omodara July 28, 2025 0

The rise of Prof Nentawe Yilwatda, a northern Christian from Plateau State, as the National Chairman...


Inter Miami Struggles Without Messi, Settles for 0-0 Draw Against FC Cincinnati
BY Abiodun Saheed Omodara July 27, 2025 0

Inter Miami, missing the suspended Lionel Messi, failed to capitalize on an opportunity to close the...


Nigerians in Diaspora Commission Calls for Increased Funding Amidst Budget Constraints
BY Abiodun Saheed Omodara July 27, 2025 0

The Director-General of the Nigerians in Diaspora Commission, Abike Dabiri-Erewa, has called for enh...


More Articles

Load more...

Menu