Nigeria’s Minister of Finance, Wale Edun, says the country is on the right economic path under President Bola Tinubu’s administration. He points to the drop in rice prices—from 120,000 to 80,000 naira—as evidence of progress, noting that the costs of other essential commodities such as garri, pepper and tomatoes have also fallen. Edun attributes these improvements to government efforts to boost agricultural production and support smallholder farmers, which are beginning to bear fruit.
The minister highlighted that 8.1 million households have received direct cash assistance to meet basic needs. Nonetheless, he acknowledged persistent challenges, including high debt‑service costs and a low revenue‑to‑GDP ratio. To confront these issues, the government plans to introduce a new tax regime aimed at broadening the tax base and reducing leakages.
Edun stressed that sustainable growth must be anchored in real sectors—agriculture, oil and gas, and manufacturing—to create jobs and opportunities for Nigerians. Ongoing initiatives to improve the business environment and attract private investment include the Ajaokuta‑Kaduna‑Kano gas pipeline project and the expansion of fiber‑optic infrastructure. He expressed confidence that, with active participation from the private sector and citizens, Nigeria can achieve its medium‑term growth target of 7 % by 2027/28.
The minister’s remarks come amid criticism from opposition parties, which accuse the administration of manipulating food prices for political gain. Despite these accusations, Edun’s assessment suggests that the government is making headway in tackling Nigeria’s economic challenges, and that the outlook for the country is increasingly positive. With a focus on stimulating growth, improving the business climate, and supporting vulnerable citizens, Nigeria appears to be moving toward sustainable prosperity.
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