Oritsegbubemi Omatseyin
Lagos — The Nigerian government’s Economic Management Team, EMT, has set its sights on achieving rapid and sustained growth, building on recent stabilization successes, while also focusing on the country’s path towards accelerated and inclusive economic development for the benefit of the citizens.
Chairing a strategic session of the EMT, the Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun in his office in Abuja, highlighted emerging signs of macroeconomic stabilisation, including narrowing budget deficit, and improved fiscal revenues.
He also noted Nigeria’s recent credit rating upgrade as a clear sign of international confidence in the reform agenda. “That is a clear, objective indication that things are moving in the right direction,” he affirmed.
The Minister praised the Central Bank of Nigeria, CBN, for its pivotal role in restoring confidence in the external sector. “The positive impact of a more transparent exchange rate regime and rising foreign reserves, recording a net foreign exchange reserve of US $23 billion in 2024, and closing the exchange premium from 65% in 2023 to 1% in 2024. High commendation goes to the Central Bank, not just for results, but for the clarity and transparency of their actions,” he said.
Referencing discussions at the recent IMF-World Bank Spring Meetings, the Minister acknowledged ongoing global uncertainty and domestic fiscal constraints, including a recent drop in oil price. He however, stressed that these challenges underscore the need to accelerate private sector investment and job creation.
He urged all public agencies to embrace data-driven, evidence-based policymaking, commending the Central Bank’s approach as a model of transparency.
EMT subcommittees were tasked with continuing their work to shape the next phase of Nigeria’s economic roadmap, to be presented to the President, focusing on unlocking rapid and sustained inclusive growth, with the government targeting 7 percent in the medium term.
The EMT also seeks to further improve the country’s sovereign ratings to bring down the costs of debt while building stronger GDP growth through specific growth policies.
This includes seeking to unlock pension funds for infrastructure, increases in oil production, and reduction in the cost of crude oil production, while strengthening existing and new domestic and foreign investments through effective communication of the government’s economic agenda.
The EMT recognizes the progress and acceleration of investments in telecoms infrastructure that will serve as the basis of strong contributions from the sector in the coming quarters and recognizes that technology has a big role to play in driving growth in other sectors such as agriculture.
The meeting also provided an opportunity for the EMT to discuss how the data on poverty can be disaggregated so the government is able to provide targeted economic opportunities and improve the effectiveness of current government expenditure levels.
With these strategic initiatives, Nigeria is poised to achieve rapid and sustained inclusive growth, transforming the lives of millions of Nigerians and cementing its position as a major player in the global economy.
