The ongoing reforms by President Bola Tinubu’s administration are set to unlock Nigeria’s economic potential and alleviate poverty, according to Dr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.
Speaking at the National Council on Finance and Economic Development (NACOFED) 2024 conference in Bauchi, Edun emphasized that the government is implementing sustainable policies and programs aimed at improving the lives of Nigerians and fostering economic growth.
Edun assured investors that Nigeria’s economy is now stable and better positioned for local production and export growth. He highlighted the critical policy changes of the Tinubu administration, such as the removal of fuel and foreign exchange subsidies, which had been draining 5% of the country’s GDP annually. These subsidies primarily benefited only a few, including neighboring countries, while most Nigerians did not see any direct benefit.
Edun pointed out that the reforms have already resulted in increased resource flows to federal, state, and local governments, creating broader investment opportunities.
He also noted the government’s efforts to attract both domestic and foreign private sector investments, which are key to boosting productivity, creating jobs, and promoting industrialization. The progress in local petroleum refining is another positive development, helping reduce crude exports and providing raw materials for industrial use.
CREDIT: Allneeds, THE NATION
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