2024 NDU: Nigeria’s Economic Reforms Show Positive Results – Edun
At the launch of the October 2024 Nigeria Development Update (NDU) in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted the country’s recent economic progress. The event, which featured a panel of experts, provided an overview of Nigeria’s economic trajectory and the reforms currently in place
Mr. Edun emphasized that Nigeria’s economy is stabilizing, with significant improvements in GDP growth, a reduced budget deficit, and a return to orthodox monetary policies by the Central Bank of Nigeria (CBN). These indicators, he said, suggest the government’s reforms are yielding positive results.
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Among the key initiatives discussed were the government’s focus on the agricultural sector through the National Agricultural Growth Scheme – Agro-Pocket intervention and major investments in the oil and gas sector from companies like TotalEnergies and ExxonMobil. Mr. Edun also highlighted President Bola Ahmed Tinubu’s efforts to rejuvenate the manufacturing sector, introducing concessional interest rates to boost productivity.
International confidence in Nigeria’s economic potential is also on the rise, according to Edun. He pointed to a recent visit from JPMorgan as evidence of growing interest from global investors. Additionally, plans for long-term mortgage solutions are being implemented to address the country’s housing challenges, aiming to stimulate economic growth, job creation, and poverty reduction.
On the subject of fuel pricing, Mr. Edun confirmed that Nigeria has, for the first time in 40 years, shifted to market pricing for Premium Motor Spirit (PMS). He believes this reform will unlock resources for critical investments in infrastructure, education, and housing.
The Nigeria Development Update, titled Staying the Course: Progress Amid Pressing Challenges, offers an in-depth analysis of the country’s economic landscape, underscoring the progress made despite ongoing challenges.
The event served as a platform to showcase the government’s commitment to stabilizing the economy while promoting long-term growth through strategic reforms.
