Reforms shield Nigeria from global shocks, sustain economic progress- Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the ongoing reforms has positioned Nigeria to better withstand external shocks and sustain economic progress.

This was contained in a statement issued by the Special Adviser to the Minister, Dr Ogho Okiti, in Washington on Monday.

Our correspondent reports that Edun is leading the Nigeria’s delegation to the International Monetary Fund (IMF)/World Bank Group spring meetings in Washington.

He said that in spite of rising global fuel and food prices, government policies are cushioning the impacts, maintaining stability, and ensuring that economic reforms continue to deliver long-term benefits for households and businesses.

The minister said that the higher crude oil prices, with Bonny Light exceeding 110 dollars per barrel, presented opportunities to boost national revenues, strengthen foreign exchange earnings, and support fiscal sustainability.

Edun said that proactive measures are being taken to manage rising fuel, diesel and gas prices, ensure supply stability while mitigating cost pressures and safeguarding economic activities across key sectors of the economy.

He added that Nigeria’s strong policy framework was helping maintain investor confidence, even as global capital flows tighten, positioning the country as an attractive destination for long-term investments.

Edun said that the reforms since 2023, including subsidy removal and exchange rate liberalisation, have strengthened economic fundamentals, improved transparency, and enhanced resilience against global economic disruptions.

He said that oil production has risen to about 1.86 million barrels daily, while the Naira-for-crude initiative was supporting domestic refining, improving energy security, and reducing pressure on consumers.

The minister said that Nigeria’s reclassification as a Frontier Market by FTSE Russell underscores growing investor confidence, while tariff reforms are boosting industrial productivity and expanding trade competitiveness.

Edun said that the country would advocate for supportive global financial conditions, the need for increased investment flows and collaborative efforts to sustain reforms and unlock growth across developing economies.

He reaffirmed government’s commitment to ensuring reforms translate into tangible benefits, driving job creation, reducing poverty, and building a resilient, inclusive economy for sustainable national prosperity.

Our correspondent reports that Edun will also chair the G24 and engage global stakeholders to showcase Nigeria’s reform progress, strengthen partnerships, and attract investments to accelerate inclusive economic development.