The Federal Government has presented its plan to achieve economic stability and growth, emphasizing private sector-led investment, job creation, and improved public services.
At a media briefing in Abuja, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, described the government’s vision for Nigeria’s prosperity. He explained that the economic strategy is built on two main goals: ensuring a stable macroeconomic environment to support private sector expansion and strengthening government savings alongside public investment in key sectors like education, health, and infrastructure. According to Edun, this approach aims to stimulate growth, generate employment opportunities, and enhance service delivery.
“Our task is to translate this into tangible improvements in the lives of Nigerians, through principally more jobs, and quality jobs that give higher incomes, and of course better public services,” Edun said.
Despite ongoing global economic challenges, Edun noted that Nigeria’s economy is becoming more diverse. Growth is now being driven by industries such as trade, communications, and construction. He reported that GDP growth reached 3.13% in the first quarter of 2025 compared with 2.3% during the same period in 2024. Inflation dropped to 22.22% as of June 2025 while foreign exchange reserves were about $39 billion in July 2025.
Edun stated that outstanding capital budget obligations have been settled by the government. He added that priority spending is directed at critical areas. The administration has set a target for annual GDP growth at 7%, relying on increased private investment, infrastructure projects, energy security measures, and expanded food production. Policy initiatives are being implemented to back private sector activity, build vital infrastructure, and promote agriculture.
“Our fiscal discipline and structural reforms are designed to build investor confidence and position Nigeria for sustainable, inclusive growth,” Edun said. “We are committed to a coordinated fiscal and monetary policy framework that can substantially and sustainably reduce inflation, enabling cheaper capital for businesses so they can invest, and of course greater purchasing power for households,” he added.
He further emphasized transparency in public spending as central to building an economy that benefits all citizens: “Nigeria’s future growth depends on effective, honest, and targeted spending. We must ensure that public resources work harder for our people and our economy,” he said.
The government expects continued implementation of its reform program will lead to further diversification of the economy with sustained focus on investments led by the private sector as well as improvements in job creation and public services.
With these measures in place, officials believe Nigeria’s economy will achieve renewed stability and faster growth while improving living standards nationwide.