Wale Edun, the minister of finance and coordinating minister of the economy, says President Bola Tinubu’s policies have set Nigeria “firmly on the right path,” citing the drop in the price of rice from N120,000 to about N80,000
Mr Edun said in an article titled “Nigeria turning towards prosperity”, that the country has turned towards prosperity and “the most difficult phase of our economic journey is behind.”
The coordinating minister of the economy said, “Food inflation has been our heaviest burden since it surged after currency depreciation and the removal of fuel subsidies. However, targeted measures are beginning to ease the pressure. A bag of rice that cost about ₦120,000 last year now averages around ₦80,000. The prices of garri, pepper, tomatoes, and other essentials have also decreased.”
“From crisis to stability: Two years later, the results are evident at the macro level. GDP grew by 4.23 per cent in the second quarter of 2025. Inflation, while still high, has moderated to 18.02 per cent after six consecutive months of decline,” Mr Edun said.
He added, “The exchange rate has stabilised, and the gap between official and parallel markets has narrowed to about 1 per cent, down from a peak of nearly 70 per cent. Importantly, foreign reserves have risen above $43 billion, the highest since 2019. These are more than just numbers; they are the foundation for building inclusive growth that benefits every Nigerian.”
According to Mr Edun, when President Bola Ahmed Tinubu took office in 2023, Nigeria’s economy was on the brink of fiscal collapse. Slowing growth, surging inflation, and market distortions like the fuel subsidy and multiple exchange rate regimes had created an environment that scared off investment.
Mr Edun listed some of the policies of the Tinubu-led government, arguing that “the clearest sign that Nigeria is on the right path is the return of confidence. Investors, both domestic and foreign, multilateral institutions, and ordinary citizens are starting to believe in the nation’s prospects again.”
He added, “Our medium-term target is 7 per cent growth by 2027/28. Achieving this will require not only government action but the full participation of the private sector, entrepreneurs, and citizens. I am confident that if we work together, we will not only meet this target but surpass it. The task ahead, therefore, is to deepen resilience, broaden opportunities, and ensure that reforms translate into real improvements in daily life, better schools, affordable food, reliable power, accessible healthcare, and jobs for our youth.”
