Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government is positioning the country for rapid economic expansion, with a target of achieving 7 per cent growth to significantly reduce poverty.

Speaking on Wednesday during an interview on Politics Today on Channels Television, Edun said the administration of Bola Tinubu had begun stabilising the economy through reforms and was now focusing on attracting investment to drive productivity and job creation.

He also welcomed the expected addition of tax reform expert Taiwo Oyedele into the economic management team, saying the administration was confident in his ability to strengthen fiscal policy.

He said, “We look forward to welcoming him. We look forward to working with you. We are very well aware of his capacity, of his energy, and of his commitment to this government, looking at the service that he has rendered over the last couple of years.”

He added, “We wish him every success with the ongoing process of screening by the Senate, and as soon as he is screened and sworn in, he will roll up his sleeves and join us. There is a lot of work to be done.”

According to the minister, the government’s priority is to expand revenue and finance the infrastructure needed to stimulate growth.

“We need to grow the economy. In order to grow the economy, we need funding. On the government side, yes, there is a role to play, critical infrastructure funding and the pillars for investment, and in order to do that, we need to boost revenue.”

Edun said technology would play a major role in improving government finances.

He said, “We really need to use automation, digitisation, even AI and other technology, to increase government revenue, noting that the incoming official’s expertise in taxation would be critical.

“That is his training, that is his background, and that is the most recent task that the government has given him.”

The minister said key reforms introduced by the Tinubu administration had removed long-standing distortions in the economy.

“We have removed the major distortions, which President Tinubu has bravely and courageously done, market pricing of foreign exchange, market pricing of petroleum products,” he said.

“These steps are stabilising the economy, bringing down inflation, building reserves and setting the stage for the next step.”

According to him, the next phase of the reforms is focused on large-scale investment to boost productivity and reduce poverty.

“The next step, and it must come quickly and at scale, is to have investment that increases productivity, grows the economy, creates jobs and gives people income that reduces poverty,” Edun said.

“The whole point of the President’s Renewed Hope agenda is to reduce poverty in the land, nothing short of that.”

He acknowledged that poverty levels remain high but said the government was targeting faster economic growth.

“We are now approaching about four per cent growth,” he explained. “The target set by Mr President in the immediate term is seven per cent. That level of growth will be roughly double population growth, and that is when you begin to lift people out of poverty.”

Edun said the government had also implemented a social protection programme targeting millions of Nigerians.

“We have a social protection programme that has served about 10 million households — about 50 million Nigerians — with direct payments,” he said.

He explained that digital payments and biometric identification were helping the government reach vulnerable citizens directly.

“At any given time, when you can biometrically and uniquely identify an individual and make funding available to them through digital payment, you have the beginnings of being able to help citizens in the way modern societies do, targeting the poorest and the most vulnerable.”

The minister also pointed to several interventions aimed at easing the cost of living.

“We all know that food prices are down,” he said. “With the CNG initiative, the cost of fuelling people’s cars is down. Students now have help with funding their fees and living costs.”

He added that the government was expanding programmes to support businesses at the grassroots level.

“There is a focus on the Renewed Hope Ward Development Programme to push assistance down to the grassroots in all the 8,809 wards,” he said.

“The aim is to provide financing and know-how so productivity can increase at that level.”

Edun noted that small and medium-scale businesses remained central to Nigeria’s economic structure.

“Ninety per cent of the economy is private sector, and about 85 per cent of that is micro, small and medium-scale industries,” he said. “That is where we are focusing on providing financing.”

He acknowledged that many Nigerians were still struggling with rising costs despite positive macroeconomic indicators.

“When people say the gains are not yet being felt, I understand the concern,” he said. “But lower inflation means a cheaper cost of living, and lower fuel prices mean a cheaper cost of living.”

“It is not enough yet, but we are on the right track.”

Edun said the administration inherited a difficult economic situation but had begun turning it around.

“Mr President will tell you that you inherit the assets and liabilities of your predecessor,” he said. “What we met is what we are dealing with, but we have managed to get it under control and turn it around.”

He explained that the government had to absorb significant fiscal pressures, including adjustments to public debt and exchange rate changes.

“We had to incorporate about N30 trillion that came from the regularisation of ways and means financing,” he said. “In addition, exchange rate adjustments added another significant burden in naira terms.”

Despite the challenges, Edun said the government remained optimistic.

“We are coping with a huge debt service burden which we inherited,” he said. “But we are on our way out of the woods. As the President says, we can see the light at the end of the tunnel as long as we stay the course.”

He also expressed concern about global geopolitical tensions, particularly the escalating crisis in the Middle East, warning that it could affect global energy markets.

“I think everyone must be concerned about the geopolitics going on now,” he said. “From a humanitarian point of view it is disastrous, and everyone wants peace.”

The minister noted that Nigeria’s oil-dependent economy could be affected by disruptions in major energy-producing regions.

“When that region sneezes, it affects the rest of the world,” he said, noting that several of the world’s largest oil producers, including Iran, Iraq, Saudi Arabia, the UAE, Kuwait and Qatar, are located in the Middle East corridor.

Edun, however, said Nigeria’s growing refining capacity was strengthening economic resilience.

“It is important that at this time we have the capacity to refine crude into petroleum products,” he said.

“We should be thankful for the investment by the private sector in refining because it helps keep petroleum products flowing and keeps the wheels of the economy turning.”

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