The last time Nigeria’s economy was stable was about a decade ago – Wale Edun

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The Minister of Finance and Coordinating Minister of the Economy, Chief Olawale Edun, stated that Nigeria’s economy hasn’t appeared stable for nearly a decade. He made this observation during his first press conference as Finance Minister, where he outlined President Bola Tinubu’s economic vision and strategy. According to him, the economy is currently struggling, with slow growth, double-digit inflation, a weak exchange rate, and security concerns that hinder progress.

 

He pointed out that the last time the economy was stable and growing was about a decade ago when it experienced 6% growth in 2013 and 2014. Mr. Edun emphasized the need for private sector involvement, highlighting foreign direct investments (FDIs) and domestic investments by Nigerians as avenues for economic recovery.

 

President Tinubu’s key priorities, as outlined by the finance minister, include food security, poverty alleviation, economic growth, job creation, access to capital, and inclusivity for women and youth. Additionally, he emphasized the importance of security, the rule of law, and anti-corruption efforts.

 

To measure the administration’s performance, Mr. Edun mentioned objective metrics, such as literacy rates and reductions in out-of-school children, rule of law, and anti-corruption measures.

 

The key to achieving President Tinubu’s agenda, according to Mr. Edun, is increasing government revenue without raising taxes but by improving efficiency, managing expenditures effectively, and handling debt responsibly. The overarching goal is to stimulate investment, boost productivity, grow the economy, create jobs, and reduce poverty.

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