The Nigerian economy received a major boost on Monday as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, unveiled an ambitious economic plan at the 2025 KPMG Arise TV Budget News Day.
The minister outlined key fiscal priorities and economic strategies aimed at fostering growth, stabilizing the economy, and attracting private sector investment.
Edun reaffirmed the government’s commitment to fiscal discipline, revenue mobilization, and a more favorable investment climate.
He projected a GDP growth rate of 4.6% for 2025, with an ambitious long-term target of 7% annually.
“This level of growth is crucial for poverty reduction and sustainable development,” he stated.
The minister also stressed the importance of macroeconomic stability, citing exchange rate stability, a trade surplus, and higher oil output as elements that position Nigeria as a stronger global player.
“Our foreign reserves have now exceeded $40 billion, signaling confidence in our economic policies and financial management,” Edun revealed.
A key focus of Edun’s address was the vital role of the private sector in driving economic expansion.
He emphasized that public-private partnerships are instrumental in bridging Nigeria’s $100 billion annual infrastructure investment gap.
“Landmark projects such as the Benin-Asaba Highway and Lagos-Abeokuta Road will be developed under PPP frameworks, reducing travel time and boosting productivity,” he announced.
With the Dangote Refinery now leading local crude petroleum processing, Edun emphasised the importance of indigenous refining in the oil and gas industry.
“This shift will significantly reduce reliance on imports, strengthen our energy security, and enhance economic resilience,” he said.
In addition, the minister discussed fiscal policy measures, highlighting the government’s initiatives to broaden the tax base, improve revenue collection, and establish a tax structure that is advantageous to businesses.
“A balanced approach to taxation will encourage investment while ensuring adequate funding for national priorities,” said Edun.
Looking ahead, Edun reaffirmed the government’s dedication to economic transformation through policies that promote growth, stability, and increased private sector participation.
“By building on strategic reforms, Nigeria is poised to unlock new opportunities for prosperity, accelerate national development, and secure a brighter future for generations to come,” he declared.
His remarks at the budget summit signal a renewed push for economic resilience, positioning Nigeria as a destination for investment and sustainable development.
