The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced the Federal Government’s goal to lower the inflation rate to single digits and increase job creation during a press conference following the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington D.C.
He emphasized the government’s collaboration with development partners such as the World Bank to generate sustainable employment and tackle poverty through local job creation and essential infrastructure investment, including digital connectivity.Edun reported a decrease in the unemployment rate from 5.3% in the first quarter to 4.3% in the second quarter of 2024.
He acknowledged the current global economic uncertainties but expressed confidence in Nigeria’s resilience amid rising tensions and inflationary pressures.
The Minister highlighted the effective reforms under President Bola Tinubu’s administration.Central Bank of Nigeria (CBN) Governor Olayemi Cardoso noted that inflation remains a significant challenge, but the government’s medium-term policy aims to sustainably reduce it to single digits.
He highlighted the positive outcomes from recent reforms, which have restored investor confidence and bolstered Nigeria’s market appeal, as evidenced by a surplus in the balance of payments of $6.83 billion in 2024.Cardoso outlined efforts to recapitalize the banking sector, enabling financial institutions to support large-scale projects to stimulate economic growth, with a vision of transforming Nigeria into a $1 trillion economy by 2030. Senate Committee on Finance Chairman, Sen. Sani Musa, praised the government’s efforts to rebuild confidence in the financial system, noting progress in fiscal management and tax reform.
The delegation, which included Edun, Cardoso, and Director-General of the Debt Management Office Patience Oniha, participated in discussions with global financial leaders and development partners to strengthen existing ties and promote the benefits of Nigeria’s economic reforms.
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