By Oyinkansayo Wole-Bodunde
Nigeria’s Minister of Finance, Wale Edun, has announced the government’s plan to bring inflation down to single digits and create more jobs.
Speaking at a press conference in Washington D.C., Edun talked about the government’s collaboration with development partners like the World Bank to create sustainable employment and eradicate poverty. He said, “The objective is to create jobs locally, empower youths, and support them through essential infrastructure. That includes digital infrastructure, access to data, internet, and fibre optic networks, to enable them to work remotely. He also said that the country’s unemployment rate had decreased to 4.3% in the second quarter of 2024 from 5.3% in the first quarter of 2024.
Edun emphasized that despite global economic uncertainties, Nigeria is well-positioned to withstand shocks. He also praised President Bola Tinubu’s reform agenda, saying the results are commendable.
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso acknowledged the impact of inflation on Nigerians, stating, “We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians. Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term.”
Cardoso noted that the reforms are yielding positive results, showing a balance of payments surplus of $6.83 billion in 2024, driven by rising exports and capital inflows. He also highlighted the success of a high-level investment forum in New York, which bolstered investor confidence in Nigeria’s market fundamentals.
The CBN governor mentioned that the banking sector recapitalization efforts are gaining momentum, with the goal of enhancing banks’ ability to fund large-scale projects. “The banking sector recapitalisation is well underway, with strong momentum and stakeholder alignment,” Cardoso said. He also said that the government aims to set Nigeria on a path to becoming a $1 trillion economy by 2030.
Senator Sani Musa, Chairman of the Senate Committee on Finance, praised the economic team’s efforts in repositioning the financial system and restoring confidence. He said, “The economic team of this administration is doing very well on the fiscal aspect of our economy, so that poverty will be reduced. I think we have done all the needful in terms of activities to the tax reform bills to make them workable.”
The Nigerian delegation, led by Edun, had a series of meetings with global financial leaders, fund managers, and multilateral institutions to cement existing relationships and create new partnerships.
