Minister of Finance, Mr. Wale Edun, has praised President Bola Tinubu for implementing crucial reforms that have helped stabilize Nigeria’s economy and recover 5% of the nation’s GDP, which was previously lost due to inefficiencies in the federal government and fiscal authorities.
In an interview with Bloomberg at the World Economic Forum in Davos this week, Edun highlighted the importance of the President’s economic strategies.
“Under President Bola Tinubu, Nigeria has stabilized the economy; it has taken back 5% of GDP that was being wastefully lost to the federal government and fiscal authorities,” Edun said.
He pointed out that key reforms, such as the removal of wasteful subsidies and the introduction of market-driven pricing mechanisms for petroleum products and foreign exchange, have played a crucial role in reaching this milestone.
“These steps have set the stage for the return of foreign direct investments,” he explained, pointing to early signs of progress.
“Already, Shell has announced a $5 billion final investment decision, and TotalEnergies has announced a $3 billion total investment decision. These are significant commitments that reflect renewed confidence in Nigeria’s economy.”
Edun also responded to concerns regarding the reported challenges in Saudi Arabia’s investment commitments to Nigeria.
“I’m not sure funds were committed. It’s an ongoing conversation. It’s part of the President’s economic diplomacy around the world,” he said, emphasizing Tinubu’s active efforts to engage with global economic players to attract investment and bolster Nigeria’s economic relationships.
In December 2024, Edun led a delegation to the Kingdom of Saudi Arabia on behalf of President Tinubu and the Presidential Economic Coordination Council to deepen the economic partnership.
The focus was on strengthening export credit, insurance frameworks, and other key areas of cooperation.
The minister said “What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians.”
When asked about the possibility of another Eurobond sale in 2024, Edun confirmed that it is still a viable option to help address the country’s deficit spending.
“If you look at our budget presentation, which is currently going through the National Assembly, one thing you will notice is there is some deficit spending,” he explained.
