The Minister of Finance and Coordinating Minister of the Economy, Chief Olawale Edun, expressed that Nigeria’s economy last exhibited stability roughly a decade ago.
He made this statement during his inaugural press conference as Finance Minister, where he delineated President Bola Tinubu’s vision, agenda, and strategy for the economy.
He emphasized that the current situation involves sluggish economic growth, double-digit inflation, a weakening exchange rate, and security concerns that hinder economic progress and poverty reduction.
Mr. Edun pointed out that the last period of economic stability, characterized by growth, low inflation, and affordable interest rates, occurred around a decade ago, particularly in 2013 and 2014 when the economy grew by about 6%.
Regarding the way forward, Mr. Edun highlighted the need for private sector involvement to address contemporary challenges, citing foreign direct investments (FDIs) and domestic investments by Nigerians as avenues for private sector participation.
He referred to President Tinubu’s past use of private investment in infrastructure, power, and waste management during his tenure as Lagos State Governor as indicative of the current administration’s strategy.
Mr. Edun outlined President Tinubu’s key priorities, which encompass improving food security, eradicating poverty, stimulating economic growth, fostering job creation, and facilitating access to capital, especially consumer credit.
Additionally, the plan emphasizes harnessing Nigeria’s abundant human resources with a focus on inclusivity for women and youth while addressing security, the rule of law, and corruption to create a more equitable and secure environment.
To measure performance, objective criteria will be employed, including literacy rates, the reduction of out-of-school children, adherence to the rule of law, anti-corruption efforts, and other metrics to evaluate the administration’s progress.
Furthermore, Mr. Edun underscored the importance of increasing government revenue to fund its expenditures.
This would be achieved through improving tax efficiency, optimizing government spending, and implementing effective debt management practices.
In summary, President Tinubu’s agenda aims to enhance the lives of Nigerians by promoting investment for increased productivity, economic growth, job creation, and poverty reduction. This vision relies on private sector participation and responsible fiscal management.
