Photo: Wale Edun, Minister of Finance
By Douglas Maha, Abuja
Nigeria is gaining international recognition for its bold economic reforms and efforts to stabilise the economy under the leadership of Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
At the 2025 IMF-World Bank Spring Meetings held in Washington, D.C., Edun led a high-powered Nigerian delegation, including Central Bank Governor Olayemi Cardoso, top financial executives, and private sector stakeholders. The group engaged global partners and showcased Nigeria’s reform agenda, aiming to attract investment and strengthen multilateral cooperation.
Speaking at the event, Edun emphasised the government’s commitment to fiscal discipline and structural reform. “We are taking decisive steps to stabilise our economy, attract investment, and build a sustainable future for Nigerians,” he said.
Key reforms include the removal of fuel subsidies, liberalisation of the foreign exchange market, and an end to monetary financing of fiscal deficits by the Central Bank. According to Edun, these measures are already yielding results, such as narrowing fiscal gaps, improving the trade balance, and helping to stabilise the naira.
The International Monetary Fund (IMF) acknowledged the country’s progress in its April 2025 Article IV report, raising Nigeria’s 2024 growth forecast to 3.34% and commending improved macroeconomic management. The World Bank also praised the reform trajectory, encouraging continued implementation and transparency.
Global credit rating agency Fitch responded to the positive developments by upgrading Nigeria’s outlook from “Negative” to “Stable,” citing a more predictable investment environment driven by ongoing reforms in energy and foreign exchange policies.
At the Nigeria Investment Forum, held on the sidelines of the IMF meetings, Edun presented new infrastructure initiatives designed to boost investor confidence. These include a planned rollout of 90,000 km of fibre optic cable and the private-sector-led construction of 4,000 km of roads. He also highlighted productivity reforms at state-owned enterprises, notably a forensic audit of the Nigerian National Petroleum Company (NNPC), aimed at increasing efficiency and transparency.
In a key development, Nigeria recently joined the Asian Infrastructure Investment Bank (AIIB) as a non-regional member, a move expected to open up new financing avenues for infrastructure projects across sectors such as energy, transportation, and digital innovation.
“These initiatives are not just policy statements—they’re being implemented to rebuild our industrial base, create jobs, and enhance local production,” Edun said.
Analysts say the renewed global interest in Nigeria reflects growing confidence in the administration’s ability to deliver economic stability and attract investment. However, they caution that the country must maintain momentum and ensure that reforms translate into tangible benefits for ordinary Nigerians.
While challenges remain—including inflation, insecurity, and public sector inefficiencies—government officials maintain that the direction is positive.
“Nigeria is turning the corner,” Edun said. “With continued reform, international support, and the drive of our private sector, we are on the path to sustainable and inclusive growth.”
