The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has applauded the Central Bank of Nigeria (CBN) for its pivotal role in restoring confidence in the external sector, underscoring the positive impact of a more transparent exchange rate regime and rising foreign reserves.
Edun alluded to the posting of a net foreign exchange reserve of $23 billion in 2024, and closing the exchange premium from 65 per cent in 2023 to one per cent in 2024.
The minister, who made the remarks while chairing a strategic session of the Economic Management Team (EMT) in his office in Abuja, on Monday, extended commendation to the CBN — not just for the results, but for what he described as the clarity and transparency of their actions.
A statement issued by the Director, Information and Public Relations, Mohammed Manga, noted that in a strategic move to propel Nigeria’s economic resurgence, the EMT set its sights on achieving rapid and sustained growth, building on recent stabilisation successes, while also focusing on the country’s path towards accelerated and inclusive economic development for the benefit of the citizenry.
According to the statement, at the meeting, the minister 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, adding: “That is a clear, objective indication that things are moving in the right direction.”
“The minister praised the 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 $23 billion in 2024, and closing the exchange premium from 65 percent in 2023 to one percent in 2024,” the statement stressed.
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 underscored the need to accelerate private sector investment and job creation.
Edun, urged all public agencies to embrace data-driven, evidence-based policymaking, commending the CBN’s approach as a model of transparency.
The statement revealed that at the strategic meeting, the EMT sub-committees were tasked with continuing their work to shape the next phase of Nigeria’s economic roadmap, to be presented to President Bola Ahmed Tinubu, focusing on unlocking rapid and sustained inclusive growth, with the government targeting seven per cent in the medium term.
The EMT also sought to further improve the country’s sovereign ratings to bring down the costs of debt, while building stronger GDP growth through sector and specific growth policies.
These include seeking to unlock pension funds for infrastructure, increases in oil production, and reduction in the cost of crude oil production, while strengthening existing and new domestic and foreign investments through effective communication of the government’s economic agenda.
“The EMT recognises the progress and acceleration of investments in telecoms infrastructure that will serve as the basis of strong contributions from the sector in the coming quarters and recognised that technology has a big role to play in driving growth in other sectors such as agriculture.
“The meeting also provided an opportunity for the EMT to discuss how the data on poverty can be disaggregated so the government can provide targeted economic opportunities and improve the effectiveness of current government expenditure levels.
“With these strategic initiatives, Nigeria is poised to achieve rapid and sustained inclusive growth, transforming the lives of millions of Nigerians and cementing its position as a major player in the global economy,” the statement added.
Meanwhile, the Federal Ministry of Finance has refuted an online report that Edun and the Permanent Secretary, Mrs. Lydia Shehu Jafiya, awarded some contracts to the tune of N13 billion between February and June 2024, without adhering to due process.
In a statement, the ministry noted that at no time were such contracts awarded without due process.
“These claims are not only unfounded but also malicious, aimed at not only tarnishing the reputation of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Permanent Secretary, Mrs. Lydia Shehu Jafiya, but also to cause distractions to the ongoing initiatives embarked upon by the Ministry in revamping the nation’s economy in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.
“The Ministry further wishes to state that all contracts awarded from February to June 2024 including that of the Presidential Initiatives on Compressed Natural Gas (Pi CNG) and by extension other contracts till date, were done in accordance with the Public Procurement Act and other relevant laws and regulations.
“Any insinuation of corruption or irregularities as claimed in the publication is baseless and without merit.
“The Ministry is committed to transparency and accountability in its operations, as evident in the efficient management of the national economy.
“It also recognises the role of the media in ensuring transparency, accountability, and good governance and thus, urges the media to always cross check all information before going to the press as it will not hesitate to take legal action against any individual or organisation that seeks to damage its reputation through false and malicious publications,” the statement said.
It urged the public to disregard the said publication, and assured that the ministry was working diligently to implement the president’s economic reforms and improve the lives of Nigerians.