Oritsegbubemi Omatseyin
Lagos — The 31st Nigerian Economic Summit, NES, held in Abuja brought together national leaders, industry captains, and development partners to chart a path towards a trillion-dollar economy, with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in attendance.
With a focus on bold reforms and inclusive growth, the summit highlighted key initiatives and strategies for achieving sustainable economic development.
Declaring the event open, President Bola Ahmed Tinubu underscored the administration’s commitment to bold reforms that will unlock growth, expand jobs, and ensure shared prosperity.
Represented by the Vice President, Kashim Shettima, the President noted that with interventions such as a ₦200 billion fund for MSMEs and manufacturers, new fiscal measures to grow domestic revenue, and nationwide infrastructure projects, the government signaled its focus on creating an investor-friendly environment where the private sector can thrive as the engine of inclusive transformation.
The theme of this year’s summit, “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030,” reflects the urgency of consolidating recent stabilization gains into a trillion-dollar economy that works for all Nigerians.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun reaffirmed Nigeria’s commitment to bold reforms that are restoring stability, strengthening investor confidence, and laying the foundation for inclusive growth.
According to Edun, the country is at a pivotal moment where decisive action will determine its economic future. He pointed to significant progress already achieved; including stabilisation of the naira, improved foreign exchange management, higher federal allocations, and early signs of easing inflation.
The Minister highlighted four priorities to sustain momentum: reforming fiscal policy, raising Nigeria’s tax-to-GDP ratio through automation and technology, curbing inflation, and unlocking private sector investment. With tax revenues at just 13% of GDP compared to 50–60% in peer economies, he stressed the urgency of widening the base to fund critical infrastructure and social programmes.
On social investments, the Minister announced that the Direct Benefit Transfer Scheme has already reached over 8 million Nigerians, with a target of 15 million households by year-end. Every beneficiary, he added, is biometrically identified and digitally paid, ensuring transparency and impact.
Reiterating the central role of private enterprise, he noted that reforms are creating a more competitive climate for investment in energy, agriculture, transport, and digital infrastructure. “Nigeria’s demographic advantage means our youth will form a major part of the global workforce by 2050, Edun said. Our task is to equip them to seize that opportunity,” he added.
The Minister underscored President Bola Ahmed Tinubu’s commitment to policies that deliver fiscal stability, attract investment, and ensure that prosperity is broadly shared.
