Economic Management Team Sets Growth Vision amid Stabilization Signs

Economic Management Team Sets Growth Vision amid Stabilization Signs

JOEL OLADELE, Abuja

Chairing a strategic session of the EMT in his office in Abuja on Tuesday, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun highlighted emerging signs of macroeconomic stabilisation — including a 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, noting further, 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 prices. He, however, stressed that these challenges underscore the need to accelerate private sector investment and job creation.

Edun 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