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Tag: Wale Edun

  • 10 deals worth $100m in view, FG calls for stronger Intra-African trade

    10 deals worth $100m in view, FG calls for stronger Intra-African trade

    With at least 10 major trade deals worth a minimum of $100 million currently being negotiated between African and Arab markets, the federal government has urged African countries to deepen intra-continental trade and investment as development aid to the continent continues to shrink.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made the appeal in Abuja on Thursday at the 5th B2B Agribusiness Matchmaking Event, warning that African economies must increasingly rely on regional markets and private capital to sustain growth.

    Edun said recent trends showed a sharp retreat in global support to developing countries, stressing that concessional financing and overseas development assistance have continued to decline.

    According to him, Africa recorded a 9 per cent drop in 2024 and is projected to face a further 17 per cent decline in 2025, based on estimates by the African Development Bank.

    He told participants that the shift in the global economic environment demands a new approach.

    “African countries are faced with high debt burdens in many cases, high debt servicing requirements that are gulping up funds that could otherwise be used for public investment,” he said. He added that it was clear during discussions that “the private sector is the real source of investment, whether it’s foreign direct investment or domestic investment.”

    Edun noted that multilateral support structures built over decades are fading rapidly.

    “The world has turned away from multilateralism. If you take out maybe the willingness for international cooperation in perhaps the health sector in some cases and definitely in the area of climate, the multilateralism of the last decades since the Bretton Woods institutions rose is fast receding.”

    He said the reality of declining aid flows requires African countries to look inward. “Concessional financing and even overseas development assistance flows to developing countries, to Africa, have turned negative.

    They were down by 9 per cent last year, 2024. By 2025, the flows will be down by perhaps 17 per cent, according to AFDB estimates, so we have to look inward, we have to trade more with each other, we have to grow our economies together, the savings of our people being invested in productive activity.”

    At the event, Founder and Chief Executive Officer of Welcome 2 Africa International, Bamidele Seun Awoola, confirmed that the organisation, working with its partners, aims to facilitate at least 10 trade agreements worth no less than $100 million between African and Arab markets.

    Speaking at the matchmaking forum, Awoola said her organisation had set clear internal targets focused on unlocking new commercial linkages, spurring value addition, and strengthening regional ties.

    While declining to estimate the current size of Africa–Arab trade, she said the level of investor interest and ongoing engagements already pointed to opportunities that “far surpass the $100 million target.”

    She said one of the organisation’s priorities is to drive industrialisation through joint ventures that bring manufacturers and processors into Nigeria.

    According to her, Nigeria’s agricultural strength must be backed by processing capacity to create jobs, increase value addition, and accelerate economic growth.

    By linking producers with processors and structuring partnerships, she said her organisation hopes to help Nigeria build a stronger industrial base that supports communities and expands regional commerce.

    Awoola noted that the matchmaking event was designed to generate concrete business outcomes. She said her team conducted detailed market analysis to determine which African countries, especially Nigeria, can competitively supply to the Arab market, and invited only participants positioned to close real transactions.

    She expressed confidence that with the strong engagements recorded on the opening day, the event would produce partnerships, joint ventures, and wealth-creating ventures aligned with Nigeria’s development goals.

    A major outcome of the Abuja meetings was the signing of two Membership Agreements with Nigeria and Côte d’Ivoire.

    The agreement signed by the Federal Republic of Nigeria, represented by the Federal Ministry of Finance, formally admitted the country into the Arab Africa Trade Bridges (AATB) Programme.

    The programme promotes trade facilitation, improves export competitiveness, and targets key sectors including agribusiness value chains and small and medium enterprises.

    It also assisted member nations in areas such as logistics, industrial development, and expanding access to regional and global markets.

  • Edun calls for bold economic reforms to drive Africa’s growth

    Edun calls for bold economic reforms to drive Africa’s growth

    Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has issued a strong appeal for accelerated action on economic reforms and domestic resource mobilization across Africa to finance development and job creation.

    Speaking on the sidelines of the G20 Investment Breakfast Dialogue in Johannesburg, the Minister stated unequivocally that, “we must accelerate bold economic reforms and strengthen domestic resource mobilisation to finance investments, jobs, and long-term development.”

    Delivering the keynote address at a forum convened by MTN, which included CEOs from South Africa, the Nigerian Investment Promotion Commission (NIPC), and various development partners, Edun noted that the continent is meeting at a moment of “profound global economic change” demanding coordinated action, deeper regional collaboration, and an investment climate built on stability and reform.

    The Minister outlined four major disruptions currently reshaping the prospects of developing regions. First, global trade dynamics are being rewritten, with the established rules that supported the rise of economies like China, India, and Brazil changing rapidly.

    Second, capital flows to emerging markets have tightened dramatically. Citing African Development Bank estimates, he pointed out that many developing economies now pay more in debt service than they receive in development assistance. Africa alone is projected to pay about $163 billion in debt servicing in 2024, while total foreign direct investment is less than $100 billion.

    At the same time, technology is disrupting labour markets and reshaping the future of work, a worrisome trend for a continent where the median age is just 20, and millions of young Africans require jobs, skills, and opportunities.

    Read Also: Edun seeks ‘bold economic reforms’ to drive Africa’s growth

    Finally, he said the world faces a paradox of “insufficient resources to fight poverty, yet abundant resources to fight climate change” — resources that often bypass Africa despite its disproportionate vulnerability to climate shocks.

    Using Nigeria as a case study, the Minister described a disciplined programme of reforms that the country has embarked upon since May 2023, aimed at building a modern and competitive economy.

    Nigeria’s strategy, he explained, rests on two key pillars: establishing macroeconomic stability so private investment can thrive, and increasing government savings to expand investments in education, healthcare, and infrastructure.

    To this end, the government implemented several difficult but necessary decisions, including the removal of fuel subsidies, the liberalization of the foreign exchange market, landmark tax reforms, and structural adjustments across key sectors such as energy, power, logistics, education, and industrialization.

    “All these reforms have one purpose,” Edun said, “to build a competitive economy where private capital is rewarded, innovation is encouraged, and businesses have the confidence to invest.”

    Edun told investors that Nigeria is beginning to see clear signs of economic recovery and stabilization. He reported that Gross Domestic Product (GDP) grew by 4.23 percent in Q2 2025, significantly up from 3.1 percent in Q2 2024 and 2.51 percent in Q2 2023. Inflation, though still elevated, has been consistently moderating since March 2025, reaching 16.05 percent by October. External reserves have also risen to $46.3 billion.

    “These indicators carry a simple message,” the Minister proclaimed. “Nigeria is more stable, more predictable, and more investable than it has been in many years.”

    He acknowledged, however, that the reforms have posed challenges for vulnerable populations. To cushion the impact, the government has expanded direct benefit transfers to 15 million households, with approximately nine million already receiving cash support.

    The forum received positive feedback from the business community. MTN Group CEO, Ralph Mupita, described Nigeria as a “true African success story,” noting that the country accounts for 35–40 percent of MTN’s business and serves 85 million customers. He further encouraged South African investors to leverage Nigeria’s reform momentum.

    Similarly, the NIPC’s Executive Secretary, Aisha Rimi, credited President Bola Ahmed Tinubu’s reforms for establishing the foundation for accelerated growth.

    She stated that many of the long-standing issues affecting South Africa–Nigeria investment relations are now being addressed through the bi-national commission. Representatives from South Africa’s Department of Trade and Investment mirrored this view.

    Governors from Nasarawa, Gombe, Kaduna, and Plateau States also made presentations, showcasing opportunities in agriculture, mining, transportation, and tourism. They noted that the federal reforms have expanded fiscal space for state-level investment, enabling a pivot toward value-added industries rather than raw material exports.

    In his closing remarks, Minister Edun concluded that Nigeria has “laid the foundation for a modern, resilient, private-sector-led economy,” with a medium-term ambition of achieving at least 7 percent growth driven by private investment.

  • Edun seeks ‘bold economic reforms’ to drive Africa’s growth

    Edun seeks ‘bold economic reforms’ to drive Africa’s growth

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has appealed for accelerated action on economic reforms and domestic resource mobilisation across Africa to finance development and job creation.

    Speaking on the sidelines of the G20 Investment Breakfast Dialogue in Johannesburg, the Minister stated:“We must accelerate bold economic reforms and strengthen domestic resource mobilisation to finance investments, jobs, and long-term development.”

    Delivering the keynote address at a forum convened by MTN, which included CEOs from South Africa, the Nigerian Investment Promotion Commission (NIPC) and various development partners, Edun noted that the continent is meeting at a moment of “profound global economic change” demanding coordinated action, deeper regional collaboration, and an investment climate built on stability and reform.

    The Minister outlined four major disruptions reshaping the prospects of developing regions. First, global trade dynamics are being rewritten, with the established rules that supported the rise of economies like China, India, and Brazil changing rapidly.

    Read Also: I’m determined to eliminate bandits, terrorists, restore peace in North – Tinubu

    Second, capital flows to emerging markets have tightened dramatically. Citing African Development Bank estimates, he pointed out that many developing economies now pay more in debt service than they receive in development assistance. Africa alone is projected to pay about $163 billion in debt servicing in 2024, while total foreign direct investment is less than $100 billion.

    At the same time, technology is disrupting labour markets and reshaping the future of work, a worrisome trend for a continent where the median age is just 20, and millions of young Africans require jobs, skills, and opportunities.

    Finally, he said the world faces a paradox of “insufficient resources to fight poverty, yet abundant resources to fight climate change” — resources that often bypass Africa despite its disproportionate vulnerability to climate shocks.

    Using Nigeria as a case study, the Minister described a disciplined programme of reforms that the country has embarked upon since May 2023, aimed at building a modern and competitive economy.

    Nigeria’s strategy, he explained, rests on two key pillars: establishing macroeconomic stability so private investment can thrive, and increasing government savings to expand investments in education, healthcare, and infrastructure.

    To this end, the government implemented several difficult but necessary decisions, including the removal of fuel subsidies, the liberalization of the foreign exchange market, landmark tax reforms, and structural adjustments across key sectors such as energy, power, logistics, education, and industrialization.

    “All these reforms have one purpose,” Edun said, “to build a competitive economy where private capital is rewarded, innovation is encouraged, and businesses have the confidence to invest.”

    Edun told investors that Nigeria is beginning to see clear signs of economic recovery and stabilizyation.

    He reported that Gross Domestic Product (GDP) grew by 4.23 percent in Q2 2025, significantly up from 3.1 percent in Q2 2024 and 2.51 percent in Q2 2023. Inflation, though still elevated, has been consistently moderating since March 2025, reaching 16.05 percent by October. External reserves have also risen to $46.3 billion.

    “These indicators carry a simple message,” the Minister proclaimed. “Nigeria is more stable, more predictable, and more investable than it has been in many years.”

    He acknowledged, however, that the reforms have posed challenges for vulnerable populations. To cushion the impact, the government has expanded direct benefit transfers to 15 million households, with approximately nine million already receiving cash support.

    The forum received positive feedback from the business community. MTN Group CEO, Ralph Mupita, described Nigeria as a “true African success story,” noting that the country accounts for 35–40 percent of MTN’s business and serves 85 million customers. He further encouraged South African investors to leverage Nigeria’s reform momentum.

  • Edun kicks off user acceptance testing of NSW

    Edun kicks off user acceptance testing of NSW

    The Federal Government has commenced the National Single Window (NSW)’s user acceptance testing (UAT) with the first cohort of participating stakeholders to ensure the unified and technology-driven trade ecosystem becomes operational by March 2026.

    The technology vendor, CrimsonLogic, yesterday, walked each agency and stakeholder through NSW’s onboarding process, system navigation features and the operational framework designed to streamline the country’s trade processes.

    Minister of Finance, Wale Edun, and the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr Zacch Adedeji, yesterday, visited the UAT grounds to assess progress.

    Representatives from key regulatory and trade bodies that participated in the inaugural session included the Nigeria Agricultural Quarantine Service (NAQS), Standards Organisation of Nigeria (SON), National Environmental Standards and Regulations Enforcement Agency (NESREA), the Nigeria Customs Service (NCS), the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) as well as importers, exporters, clearing agents, freight forwarders.

     The engagement allowed the organisations to test functionalities, validate workflows, and align on expectations ahead of the platform’s deployment.

     The commencement of testing brings Nigeria closer to making the NSW operational with the aim of harmonising documentation, cutting trade costs and eliminating duplication.

     The visit demonstrated the strong commitment of the Federal Government to ensuring the successful implementation of the NSW initiative, which aims to transform Nigeria’s trade ecosystem through a unified digital platform.

     During the tour, the minister and the FIRS Chairman visited each breakout room, engaging directly with participating agencies to better understand their experiences during the testing phase.

    Both Edun and Adedeji expressed satisfaction with the progress of the UAT sessions and commended the collaborative effort among agencies.

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     They reaffirmed the government’s commitment to driving a modern, transparent, and technology-driven trade environment for Nigeria.

     President Bola Ahmed Tinubu, who was represented by the Vice President, Kashim Shettima, at the opening ceremony of the maiden Customs Partnership for African Cooperation in Trade (C-PACT) Summit on Monday in Abuja, assured over 30 African countries present that the NSW was set to go live in March 2026.

     Tinubu said the NSW will significantly reduce clearance timelines from 21 days to below seven, thereby fully aligning the country with the Africa Continental Free Trade Area’s (AfCFTA) digital trade requirements and positioning Nigeria as a standard-setter in port automation.

    Registrar and Chief Executive Officer, CRFFN, Kingsley Igwe, had at a stakeholders’ engagement forum jointly organised by the Nigeria Customs Service (NCS) and the National Single Window Secretariat in Lagos, states that the digital system has already been adopted in Singapore, South Korea and Rwanda to integrate all trade-related agencies and processes into a unified digital system, cutting down duplication, paperwork and delays.

     Igwe outlined the economic benefits of its full adoption, such as reducing logistics costs by up to 25–30 per cent, while boosting the country’s competitiveness in global trade and attracting new investments.

     He added that the system would empower manufacturers through faster clearance of raw materials and equipment, help small and medium-sized enterprises (SMEs) scale their operations by simplifying access to trade tools, and enable freight forwarders to enjoy digitally tracked consignments with fewer operational bottlenecks.

     “The National Single Window will lower the cost of doing business, enhance supply chain visibility and give Nigeria a stronger footing in the global market,” Igwe added.

  • FG, Poland move to deepen trade and investment ties

    FG, Poland move to deepen trade and investment ties

    The Federal Government has met with a delegation from the Republic of Poland to expand trade, investment, and strategic cooperation across critical sectors of the Nigerian economy.

    A statement from the Ministry of Finance said the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday received a high-level Polish delegation led by the Deputy Foreign Minister for Africa, Wojciech Zajączkowski, in his office in Abuja.

    According to the ministry, the talks focused on broadening economic cooperation and strengthening investment ties, as both countries explored new areas of partnership in manufacturing, digital infrastructure, renewable energy, mining, agriculture, and defence technology.

    Edun welcomed Poland’s growing interest in Nigeria’s economy, stating that the country is now better positioned for increased foreign investment due to ongoing reforms and improving economic indicators. “Nigeria today offers stronger fundamentals, rising investor confidence, and a clear reform direction,” he said. “We are open to deeper collaboration with partners like Poland who see the opportunities in our economy.”

    Read Also: FG targets stronger fiscal base, expands health investment as Pate, Edun, Bagudu outline reforms

    He urged the delegation to take advantage of the expanding investment space, noting that Nigeria’s private sector and policy environment provide room for mutually beneficial partnerships.

    Deputy Foreign Minister Zajączkowski described Nigeria as Poland’s “top strategic partner in Africa,” commending the government’s economic reform efforts. He expressed his country’s readiness to scale up cooperation in digital governance, expand private-sector participation, and boost bilateral trade. “We see great potential in Nigeria’s reforms and in the dynamism of its people and institutions,” he said. “Poland is committed to expanding its partnership with Nigeria across key sectors.”

    The meeting, according to the statement, signals the determination of both countries to accelerate bilateral engagement, unlock new areas of cooperation, and strengthen investment flows capable of supporting joint economic growth.

  • FG, Poland nove to deepen trade, Investment ties

    FG, Poland nove to deepen trade, Investment ties

    The Federal Government has met with a delegation from the Republic of Poland to expand trade, investment, and strategic cooperation across critical sectors of the Nigerian economy.

    A statement from the Ministry of Finance said the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Friday received a high-level Polish delegation led by the Deputy Foreign Minister for Africa, Wojciech Zajączkowski, in his office in Abuja.

    According to the ministry, the talks focused on broadening economic cooperation and strengthening investment ties, as both countries explored new areas of partnership in manufacturing, digital infrastructure, renewable energy, mining, agriculture, and defence technology.

    Edun welcomed Poland’s growing interest in Nigeria’s economy, stating that the country is now better positioned for increased foreign investment due to ongoing reforms and improving economic indicators. “Nigeria today offers stronger fundamentals, rising investor confidence, and a clear reform direction,” he said. “We are open to deeper collaboration with partners like Poland who see the opportunities in our economy.”

    He urged the delegation to take advantage of the expanding investment space, noting that Nigeria’s private sector and policy environment provide room for mutually beneficial partnerships.

    Deputy Foreign Minister Zajączkowski described Nigeria as Poland’s “top strategic partner in Africa,” commending the government’s economic reform efforts. He expressed his country’s readiness to scale up cooperation in digital governance, expand private-sector participation, and boost bilateral trade. “We see great potential in Nigeria’s reforms and in the dynamism of its people and institutions,” he said. “Poland is committed to expanding its partnership with Nigeria across key sectors.”

    The meeting, according to the statement, signals the determination of both countries to accelerate bilateral engagement, unlock new areas of cooperation, and strengthen investment flows capable of supporting joint economic growth.

  • Stocks rally N2.6tr on Capital Gains Tax’s review plan

    Stocks rally N2.6tr on Capital Gains Tax’s review plan

    • How policy should be implemented, by experts

    Nigerian equities roared back to a bullish run with a net gain of N2.59 trillion yesterday.

    Investors reacted positively to reassurances from the government on potential review of Capital Gains Tax (CGT).

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Tuesday at the Nigerian Exchange (NGX) assured that the government had taken notes of stakeholders’ concerns on the CGT and would undertake further analysis and consultation to prevent any adverse effect.

    “We have heard what you have said about capital gains tax. We are looking at it. We will listen. We will analyse. We will discuss and we will, at the end of it, decide, and hopefully we will decide what is best for Nigeria,” Edun said.

    Nigerian stocks, which had suffered net loss of N5.11 trillion in the first two days of the week, in addition to net loss of N2.8 trillion last week, posted their biggest gain in recent period in the first trading session after the minister’s assurance.

    Aggregate market value of all quoted equities at the NGX rose from its opening value of N89.885 trillion to close yesterday at N92.478 trillion, representing an increase of N2.59 trillion or 2.88 per cent. 

    The All Share Index (ASI)-the benchmark value index that tracks all share prices at the NGX, rallied from its opening index of 141,327.30 points to close at 145,403.83 points, indicating average gain of 2.88 per cent.

    The perfect concurrence between the nominal aggregate market value and the weighted ASI underscored the fact that the increase in market value was due to price gains by quoted shares.

    With nearly six advancers to every decliner, the rally yesterday lifted Nigerian equities’ year-to-date return to 41.27 per cent, one of world’s five best returns.

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    The momentum of activities also increased significantly with total turnover rising by 22.9 per cent to 806.36 million shares worth N50.74 billion in 24,490 deals. There were 65 gainers to 11 losers, underlining market-wide buy sentiment that saw nearly half of the gainers recording the highest daily allowable gain of 10 per cent.

    Market value of quoted equities had dropped from N97.7 trillion to N95 trillion last week and plummeted further to N89.885 trillion by Tuesday.

    Market analysts had attributed the steep decline to concerns over CGT as well as initial anxieties over remark by United States President Donald Trump. Foreign investors account for nearly one-quarter of transactions at the Nigerian stock market.

    Chairman, Senate Committee on Capital Market and Institutions, Senator Osita Izunaso, yesterday urged Edun to take swift action to address investor concerns surrounding the CGT.

    He made the appeal while presenting a paper titled “Redefining the Rules: The Investment and Securities Act 2025 and the Future of Nigeria’s Capital Market” at the Moneyline with Nancy Investment Forum 2025 in Abuja.

    He said: “The increase in Capital Gains Tax on share sales above N150 million has created understandable concern among investors. In anticipation of this change, we have observed significant disposals by major investors, leading to a notable decline in market capitalization”.

    He noted that while taxation remains a critical tool for government revenue, fiscal measures must be carefully designed to avoid eroding investor confidence or discouraging long-term capital formation.

    He called for a balance between revenue mobilization and the need to maintain a stable and attractive investment climate.

    “The government must ensure that fiscal adjustments do not discourage the very investors who provide liquidity, jobs, and stability in the financial system. What we need is predictability, consultation, and gradual implementation to sustain growth in the capital market,” Izunaso said

    The rally at the stock market also came on the back of official statement by the Chairman, Presidential Fiscal Policy and Tax Reforms Committee, Mr. Taiwo Oyedele, highlighting key provisions, benefits and modus operandi of the new CGT regime.

    He said the new CGT was designed to make investments in the capital market more attractive, reduce risks for investors, and promote equity and confidence in the system.

    According to him, the new framework makes investment in the Nigerian capital market more attractive, reduces investment risk, and ensures fair treatment of legitimate costs incurred by investors.

    He explained that the overarching goal of the reform was to promote equity and confidence in the market—not the reverse.

    He outlined that the revised framework introduced a number of progressive changes designed at reducing investment risks, protecting small and institutional investors, and simplifying tax administration.

    Group Managing Director, Nigerian Exchange Group (NGX Group), Mr. Temi Popoola, said the rebound yesterday reflected renewed investor confidence and inherent resilience of Nigeria’s capital market.

    According to him, recent policy engagements and assurances from fiscal authorities are easing concerns and restoring momentum across key sectors.

    “At NGX Group, our focus remains on constructive advocacy and deep policy engagement to ensure alignment between fiscal direction and market realities. This synergy is vital for unlocking sustainable growth, deepening liquidity, and connecting private capital with national development priorities. With continued collaboration and policy consistency, we are confident the market is well-positioned to close the year on a strong note,” Popoola said.

    Chief Executive Officer, Nigerian Exchange (NGX), Mr. Jude Chiemeka added that yesterday’s performance demonstrated the strength of Nigeria’s market operations.

    He said: “Today’s strong rebound underscores the efficiency and responsiveness of our market infrastructure. The breadth of participation and surge in trading activity point to renewed investor appetite and growing confidence in the transparency and depth of our market operations. We remain committed to providing a world-class trading environment that supports liquidity, enhances efficiency, and facilitates seamless access to capital for issuers and investors alike”.

  • Edun assumes chairmanship of G-24

    Edun assumes chairmanship of G-24

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has officially assumed office as Chairman of the Intergovernmental Group of Twenty-Four (G-24), marking a new phase for the coalition of emerging and developing economies.

    Speaking on the challenges ahead, Edun noted that the assumption of Nigeria’s chairmanship coincides with a period of “unprecedented global challenges.”

    He said emerging and developing economies are navigating an increasingly difficult landscape marked by structural weaknesses, debt distress, and limited access to capital.

    “The global economy is at a crossroads,” the Minister said. “Geoeconomic fragmentation, debt vulnerabilities, and a widening financing gap threaten stability and progress, especially for developing nations.”

    He pointed out that more than half of low-income countries are already in or nearing debt distress, while over a quarter of emerging and developing economies have lost access to international capital markets.

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    Edun warned that the world faces a $4 trillion to $5 trillion annual financing gap in achieving the Sustainable Development Goals (SDGs), stressing that “a comprehensive reform of the global financial system is now an urgent imperative.”

    Another major concern, he noted, is the demographic transition underway, with an estimated 1.2 billion young people expected to join the global workforce over the next 10 to 15 years—competing for only 400 million available jobs.

    “This demographic challenge requires bold structural transformation and policy coordination to deliver job-rich growth,” Edun said. “In this uncertain landscape, the G-24’s mandate to support the economic policies of its members is more critical than ever.”

    Under Nigeria’s leadership, the central theme guiding the G-24 will be “Optimising Resource Development for Inclusive, Job-Rich Economic Transformation.” Edun explained that this vision encompasses human, financial, physical, and natural resources, all directed toward sustainable and inclusive growth.

    He stated that Nigeria’s chairmanship will pursue five major strategic goals. The first is reforming the global financial architecture to create a fairer and more inclusive international system. This, he said, will involve strengthening the Global Financial Safety Net at the International Monetary Fund, expanding concessional financing through Multilateral Development Banks, advancing governance reforms, and modernising payment systems to support local currency trade.

    The second priority, according to the Minister, is enhancing domestic resource mobilisation and international tax cooperation. Under this objective, the G-24 will deepen engagement on the global tax agenda, promote transparency, combat illicit financial flows, and reform domestic tax systems to expand fiscal space for development.

    A third focus area is mobilising innovative finance for development. Edun explained that the G-24 will promote innovative financing models that reward reform-minded countries while supporting financial instruments such as blended finance, green bonds, and sustainability-linked debt swaps to align financial flows with development goals.

    The fourth strategic goal centres on strengthening regional integration and value-added manufacturing. Nigeria intends to champion regional economic cooperation to enhance competitiveness, attract investment in value-added manufacturing, and promote South-South collaboration to boost industrial productivity across member nations.

    Finally, the G-24 under Nigeria’s leadership will prioritise advancing climate finance and supporting just energy transitions. Edun said his chairmanship will advocate for a climate transition that reflects the realities of energy-deficient but resource-rich nations, promote resilient infrastructure, and encourage sustained commitment to climate targets, particularly as global energy demand rises with the spread of artificial intelligence technologies.

    Edun said Nigeria’s leadership will seek to deepen the G-24’s influence in global financial governance and ensure that developing economies have a stronger voice in shaping international financial decisions. “Our goal is to build a future of equity, resilience, and inclusive job-rich growth,” he stated. “We will continue to engage constructively with all partners to ensure that the interests of emerging and developing economies are properly represented in global decision-making.”

    Despite its name, the G-24 currently comprises 29 full member countries from Africa, Asia, and Latin America and the Caribbean.

    Its African members include Nigeria, South Africa, Ghana, Egypt, Kenya, Ethiopia, Algeria, and Morocco, among others. China participates as a special invitee.

    With Nigeria now at the helm, Edun said he is committed to steering the bloc toward a more responsive and inclusive global financial system that prioritises sustainable development, regional cooperation, and prosperity for all.

    He formally took over the chairmanship from Mr. Luis Caputo, Minister of Treasury of Argentina.

    Edun said he was honoured to take on the role and paid tribute to his predecessor for his “exemplary leadership and stewardship.” According to him, Argentina’s tenure “significantly strengthened the G-24’s voice and relevance at a critical time in global economic discourse.”

  • UPDATED: Edun makes public appearance in good health amid rumoured illness

    UPDATED: Edun makes public appearance in good health amid rumoured illness

    The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, on Sunday dispelled rumours about his health after being sighted in Abuja attending an official meeting.

    Amid circulating reports suggesting that the Minister was battling a serious ailment, Edun appeared hale, hearty, and in high spirits at Fraser Suites in the nation’s capital, where he joined the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, for a meeting with a delegation from Qatar.

    According to officials present, the meeting, which lasted over an hour, focused on strengthening economic and investment ties between Nigeria and Qatar. Edun actively participated in the discussions, sharing insights and engaging with members of the Qatari delegation.

    The Minister was seen leaving the meeting briefly after an hour for a lunch break, further dispelling any notion of frailty or illness.

    READ ALSO: Fed Govt integrates leasing into BPP framework

    His public appearance comes as the Federal Government continues to deepen bilateral and investment relations with strategic partners, with the Ministry of Finance playing a central role in implementing key aspects of the nation’s economic agenda.

    Those at the meeting described Edun’s disposition as “energetic and cheerful,” contrary to recent speculation about his health condition.

    The development effectively puts to rest rumours circulating in some quarters about the Minister’s wellbeing.

  • BREAKING: Edun back in Nigeria, attends official function

    BREAKING: Edun back in Nigeria, attends official function

    The Minister of Finance and Coordinating Minister for the Economy Wale Edun, is back in Nigeria.

    He was reported indisposed by the presidency last week.

    On Sunday afternoon, he was sighted at Fraser Suites Abuja, walking into a meeting with a Qatari delegation.

    READ ALSO: Fed Govt integrates leasing into BPP framework

    He left the meeting in the company of the Minister for Industry Trade and Investment Dr. Jumoke Oduwole after an hour of closed door meeting with the Qataris.

    Details Shortly…