FG Revenue Rising, Nigeria’s Economy Moving in the Right Direction: Minister Wale Edun

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed optimism about the country’s economic outlook, stating that the Nigerian economy is moving in the right direction.

This comes as Nigeria’s key ministers and the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, attend the International Monetary Fund (IMF) and World Bank spring meetings in the US capital.

Minister Edun highlighted the significant improvements in the country’s oil revenues and the stabilization of the foreign exchange market as key indicators of the progress being made.

Despite a rise in the inflation rate to 33.20 percent in March, there has been a slowing of the rate of increase in food inflation, suggesting that the government’s policies are having a positive impact.

The minister emphasized that while there is still a long way to go in achieving the real goal of President Muhammadu Buhari, which is growing the economy and reducing poverty, there are good signs of recovery and that the country is heading in the right direction.

Edun also addressed the need for increased resources to support Nigeria’s economic growth, stating that the country is looking to attract both domestic and foreign investment.

He pointed out that the world is watching and that positive statements from international meetings such as these can encourage investors to consider Nigeria as a viable investment destination.

In addition to discussing Nigeria’s economic progress, Minister Edun, who is also the head of the African finance ministers, called for a better deal for African countries from the multilateral institutions.

This includes lower financing charges and more resources, particularly in addressing the challenges posed by climate change, where Africa suffers disproportionately despite contributing only 3 percent to global warming.

Nigeria’s economy appears to be on the right track with rising government revenues, a stabilized foreign exchange market, and a positive outlook for investment.

As the country navigates its economic challenges and seeks support from the international community, the focus remains on achieving sustainable growth and reducing poverty.