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Tag: Wale Edun

  • Edun: reforms driving long-term, private-sector-led growth

    Edun: reforms driving long-term, private-sector-led growth

    Painstaking fiscal and monetary reforms being undertaken by the President Bola Tinubu-led government have laid the groundwork for broad-based, long-term economic development.

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday in Lagos, recounted the key reforms by the government, which have strengthened the foundation for sustainable, private-sector led economic growth.

    He pointed out that improved foreign exchange market liquidity, deregulated fuel pricing, and structural reforms remain foundations for long-term, private-sector-led growth.

    He said: “This administration has laid the groundwork for broad-based investment. Nigeria is open for business, and we are committed to creating a transparent, merit-driven environment that rewards innovation and unlocks productivity”.

    Edun, who spoke at the 20th anniversary of Chapel Hill Denham, one of Nigeria’s leading investment banking firms, reassured the investing public and all stakeholders of the commitment of the government to long-term, stable and sustainable economic environment.

    His message yesterday resonated with earlier address to the global investing public and stakeholders at the just concluded annual meetings of the International Monetary Fund (IMF)/World Bank in Washington DC, United States.

    READ ALSO: Sabotaging NELFUND

    Edun lauded Chapel Hill Denham’s outstanding contribution to Nigeria’s financial landscape over the past two decades, describing the firm as “Nigeria’s equivalent of Goldman Sachs”, a testament to its bold leadership, innovation, and track record in producing top-tier financial talent.

    He said: “For 20 years, Chapel Hill Denham has played a vital role in shaping our financial system-pioneering complex transactions, supporting capital market development, and building human capital that now serves across both public and private sectors”.

    He highlighted the presence of Chapel Hill alumni in key institutions, including the Nigerian Exchange Group (NGX), the Africa Finance Corporation (AFC), and the Federal Ministry of Finance itself, reinforcing the firm’s role as a critical pipeline for national development.

    He also acknowledged Chapel Hill Denham’s contributions to landmark initiatives, including the domestic issuance of dollar-denominated bonds, an idea he credited to the firm’s Chief Executive Officer, Bolaji Balogun.

    At the IMF/World Bank meetings, Edun, who addressed global financial leaders and policy influencers in dual capacity as a national representative and as First Vice-Chair of the G-24-a group of developing nations working to coordinate positions on monetary and development issues, urged the Bretton Woods institutions to extend stronger financial backing to reform-minded economies, particularly in Sub-Saharan Africa.

    According to him, strong financial backing should come in form of innovative support instruments to reform-minded economies as they implement bold economic transformation agendas.

    He stated that beyond acknowledging reform efforts, it was imperative for the international financial community to expand access to affordable, sustainable financing tailored to support long-term economic transitions.

    Edun explained that under President Bola Tinubu’s leadership, Nigeria is pursuing an ambitious reform agenda designed to restore macroeconomic stability, foster inclusive growth, and position the country for long-term prosperity.

    According to him, the measures taken so far included the removal of fuel subsidies, the unification of foreign exchange windows, and an ongoing overhaul of the tax system to broaden the revenue base and improve fiscal efficiency.

    “These decisions are not easy, but they are necessary for laying the foundation for a more resilient and inclusive economy that works for all Nigerians,” Edun said.

    He reiterated the call to global investors to take advantage of emerging opportunities in the country, declaring that “Nigeria is open for business”.

    He said Nigeria remains ready to engage with development partners, investors, and multilateral institutions in advancing its economic transformation agenda.

    Edun buttressed that the government is targeting more than a double in economic growth, from the current three per cent to seven per cent growth.

    He explained that the growth is expected to come from accelerated activities in the agricultural sector, infrastructure building and financial sectors transformation, in terms of efficient payment and banking sector stability.

    He said investors are getting more confidence on the currency and in investing in the economy.

    “I am confident that if we continue in the direction we have gone so far, we will continue to see progress in what we are doing,” Edun said.

  • World Bank backs Fed Govt job creation plan

    World Bank backs Fed Govt job creation plan

    • From Collins Nweze, Washington DC

    The Federal Government and the World Bank are working to stimulate private sector’s investments in digital infrastructure to create high-quality jobs for young Nigerians, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.

    The minister who spoke on the sidelines of the just concluded World Bank/IMF Spring Meetings, in Washington D.C., said a key component of the partnership included rollout of digital infrastructure to support Nigeria’s growing youth population.

    He explained that the collaboration between the Federal Government and the World Bank signaled a unified commitment to tackling unemployment, fostering inclusive prosperity, and building a digital-ready workforce equipped for the challenges and opportunities of the modern economy.

    “The idea is to empower our young people with access to the internet, data, and fibre-optic networks. This digital infrastructure will enable them to offer services online, retain talent within our borders, and actively contribute to the digital economy,” Edun said.

    Speaking after the conclusion of the Development Committee Meeting, Edun said that the World Bank’s Governors — who are Finance Ministers of member countries — have collectively agreed to prioritise employment generation as a central pillar of development.

    He said the agenda aligned seamlessly with President Bola Tinubu’s Renewed Hope Agenda, which places job creation at the core of economic revitalisation efforts.

    According to him, the agenda centres on the critical role of multilateral financial institutions — particularly the World Bank — in shaping global development priorities.

    He added that efforts to create sustainable jobs and stimulate inclusive economic growth would receive greater attention.

    Edun emphasised that the Tinubu administration is committed to unlocking private capital to stimulate productivity, attract both local and foreign investment, and accelerate job creation across sectors.

    He pointed out that job creation remains the most effective route to reducing poverty and inequality.

    “Creating good quality jobs is essential to addressing poverty. It is central to the President’s vision — stabilising the economy, encouraging private investment, and ensuring that our youth have opportunities at home, rather than seeking them abroad,” Edun said.

    The minister had earlier called on the Bretton Woods institutions to extend stronger financial backing to reform-minded economies, particularly in Sub-Saharan Africa.

    Read Also: Shettima champions Nigeria’s human capital drive at World Bank/IMF Spring meetings

    According to him, strong financial backing should come in form of innovative support instruments to reform-minded economies as they implement bold economic transformation agendas.

    He said that under President Bola Tinubu’s leadership, Nigeria is pursuing an ambitious reform agenda designed to restore macroeconomic stability, foster inclusive growth, and position the country for long-term prosperity.

    Edun said the measures included the removal of fuel subsidies, the unification of foreign exchange windows, and an ongoing overhaul of the tax system to broaden the revenue base and improve fiscal efficiency.

    “These decisions are not easy, but they are necessary for laying the foundation for a more resilient and inclusive economy that works for all Nigerians,” he stressed.

    The minister reiterated the call to global investors to take advantage of emerging opportunities in the country, declaring that “Nigeria is open for business”.

    He said Nigeria is ready to engage with development partners, investors, and multilateral institutions in advancing its economic transformation agenda.

    Edun said government is targeting more than a double in economic growth, from the current three per cent to seven per cent growth.

    He explained that the growth is expected to come from accelerated activities in the agricultural sector, infrastructure building and financial sectors transformation, in terms of efficient payment and banking sector stability.

    The minister said investors are getting more confidence on the currency and in investing in the economy.

    “I am confident that if we continue in the direction we have gone so far, we will continue to see progress in what we are doing,” Edun added.

  • Edun projects more cash, crude from NNPCL

    Edun projects more cash, crude from NNPCL

    Nigerian National Petroleum Company Limited (NNPCL) has been given a mandate to significantly improve the country’s crude oil production and revenue generation, in a major move aimed at boosting the national buffers and support ongoing expansionary fiscal agenda.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who spoke on the national economic reforms at the ongoing IMF/World Bank annual meetings in Washington DC, said the new mandate given to the national oil company would greatly impact on the country’s foreign exchange (forex) inflows, crude oil production and general revenue profile.

    “That’s the mandate they have been given and I think they will deliver,” Edun said.

    He also explained ongoing efforts to deal with legacy issues such as subsidy claims and other reconciliations, with a view to ensuring that such legacy issues are resolved transparently.

    According to him, a forensic audit of the NNPCL is underway, including reconciliation of subsidy claims so that both the government and the company would be able to have full understanding of what had happened in the past.

    “Part of that burden shifted from the government’s budget to NNPC. So, they have a legitimate claim and they have some arrears that need to be given to them,” Edun said, in response to subsidy claims by the NNPCL.

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    Also, the International Monetary Fund (IMF) yesterday said the direct impact of tariff hike on most African countries is relatively small.

    The global agency however cautioned that the indirect impact remains quite significant.

    IMF Managing Director, Kristalina Georgieva, who spoke during the IMF press briefing at the ongoing IMF/World Bank annual meetings, explained that different countries face different challenges but recommended that Africa should continue on the path of strengthening buffer levels, and maintaining fiscal discipline.

    She said: “The direct impact of tariffs on most of Africa, not on all of Africa, is relatively small, but the indirect impact is quite significant. Slowing global growth means that all other things equal, they would see a downgrade.”

    According to her, there is a lot that can be done to broaden the tax base, and a lot that can be done to reduce tax evasion, tax avoidance, using technology.

     She said that the World Bank is working on reducing infrastructure obstacles in the continent, to broaden trade.

     Georgieva said. “Africa has so much to offer the world. Obviously, they have the minerals, the better resources, the young population. I think that a more unified, more collaborative continent can go a long, long way to make the continent an economic powerhouse. For the oil producers like Nigeria, falling oil prices creates additional pressure on budgets. On the other hand, for the oil importers, this is a breath of fresh air”.

     According to her, the global economy growth has been significantly been downgraded because of major trade policy shifts.

     She called on countries to work hard to resolve trade tensions as swiftly as possible, preserving openness and removing uncertainties.

     She advised countries to address the imbalances that fuel many of the tensions facing world economies today.

     She said: “Some countries, like China need to act to boost private consumption and embrace a shift to services. Others like the United States need to reduce fiscal deficits, and in Europe, it is time to complete the single market banking union. It is also about removing internal barriers to intra European Union trade”.

    She advised all countries to lower their trade barriers, both tariff and non-tariff.

     “Trade-offs will be tough for all, but would be toughest for low income countries, which face both tight financial conditions, global growth slowdown and falling aid flows,” she said.

     Continuing, she said that different countries will face different conditions.

     “Inflation pressures in some countries are easing. In others, pressures are yet to abate. Central Banks will need to strike a delicate balance between supporting growth and containing inflation. To do so, they must not only adjust policy interest rates, but also rely on credibility to anchor expectations.

     “Central bank independence is critical for credibility. Protected open economies, including many emerging markets, are exposed to the trade shocks and tighter financial conditions. They must preserve exchange rate flexibility as a shock absorber in the event of unwarranted  currency market volatility,” Georgieva said.

     According to the Fund,  global public debt-to-gross domestic product (GDP) could reach 117 per cent of Gross Domestic Product (GDP) by 2027. The global public debt position, will be the highest since World War II.

     In its latest Fiscal Monitor report, released at the ongoing 2025 IMF-World Bank spring meetings on, the Fund said major policy shifts have heightened global uncertainty.

     The report noted that the tariff announcements by the United States, and countermeasures by other countries have increased financial market volatility, weakened growth prospects, and increased risks.

     While debt levels in many countries had risen, straining public finances, the fund said rising yields in major economies and widening spreads in emerging markets “further complicate the fiscal landscape”.

     “We project global public debt to increase by 2.8 percentage points this year—more than twice the estimates for 2024—pushing debt levels above 95 percent of gross domestic product,” the report reads.

     “This upward trend is likely to continue, with public debt nearing 100 percent of GDP by the end of the decade, surpassing pandemic levels.”

     According to the IMF, with substantial policy uncertainty and a shifting economic landscape, debt levels could rise further, leading to fiscal policy trade-offs, like “balancing debt reduction, building buffers against uncertainties, and meeting urgent spending needs amid weaker growth prospects and higher financing costs”.

     The IMF advised that countries will need to “first and foremost put their own fiscal house in order”, in a world that is uncertain and rapidly changing.

     “This means implementing prudent policies within robust fiscal frameworks to build public confidence and help reduce uncertainty,” the fund said.

     The institution said fiscal policy should prioritise reducing public debt and establishing and widening buffers to address spending pressures and economic shocks.

    In addition, the report recommended that countries with limited “room” in government budgets should implement gradual and credible consolidation plans and allow automatic stabilisers, like unemployment benefits, to work effectively.

  • FG commits to food security, sovereignty

    FG commits to food security, sovereignty

    The federal government has restated its commitment to improving food sovereignty, security, and enhancing the livelihoods of smallholder farmers through strategic partnerships and sustainable agricultural development.

    Two ministers gave this assurance at separate engagements in Abuja.

    Speaking at the inaugural meeting of the Agricultural Sector Working Group (ASWG) in Abuja, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stressed the need to align Nigeria’s agricultural policies with the post-Malabo agenda.

    Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, and a delegation from the Japan International Cooperation Agency (JICA) Nigeria Office, held in Abuja.

    Bagudu’s meeting focused on the Project for Capacity Development for Enhancement of Rice Seed Production (CaDERSeeP), which aims to boost Nigeria’s rice seed production systems through capacity building and technical collaboration. Senator Bagudu acknowledged the vital role of Japan’s support, describing it as in alignment with President Bola Ahmed Tinubu’s agenda for national food security and economic resilience. According to him, Nigeria and Japan share similar rice-farming systems, making the partnership not only strategic but also culturally relevant.

    “We are deeply grateful for Japan’s support. What we are discussing today is not just another agreement—it is a symbol of enduring friendship and shared values,” Senator Bagudu stated.

    Drawing from his experience as former Governor of Kebbi State and Vice-Chairman of the National Food Security Council, the Minister recalled the remarkable increase in rice yields—from less than one ton to four tons per hectare within two cropping seasons.

    He assured the JICA delegation that the Federal Government will work in collaboration with the Rice Farmers Association of Nigeria (RIFAN) and other stakeholders to ensure the successful rollout of training programs focused on Foundation Seed (FS) and Certified Seed (CS).

    He further requested technical assistance in soil testing to determine the most suitable crops for Nigerian soil types, noting that accurate data would enhance agricultural output across the country.

    Senator Bagudu thanked the Government of Japan and JICA for their longstanding support in strengthening Nigeria’s agricultural sector. “This renewed partnership is a significant step forward in Nigeria’s journey towards agricultural transformation, input substitution, and sustainable economic growth,” he said.

    Also speaking, the Permanent Secretary of the Ministry, Dr. Emeka Vitalis Obi, noted that the visit was a continuation of an agreement that dates back to 2001. He pointed out that the primary objective remains achieving self-sufficiency in rice production and reducing dependency on imports.

    Earlier in the meeting, the Chief Representative of JICA Nigeria, Yuzurio Susumu, briefed the Minister on the core components of the CaDERSeeP project. He explained that the initiative will focus on strengthening the multiplication and quality control systems for rice foundation and certified seeds in Oyo and Niger States. He also touched on the implementation structure, the baseline survey, and expected outcomes.

    Read Also: FG laying foundation for stable power – Adelabu

    In a related development, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for a more agile and responsive agricultural strategy to ensure food security.

    He identified productivity enhancement, access to finance, and development of value-added exports as priority areas that require urgent action. Edun assured stakeholders of the Ministry’s full backing, describing agriculture as a cornerstone of President Tinubu’s economic policy.

    According to the Finance Minister, the ASWG is expected to foster cross-sector collaboration and ensure measurable progress towards national and continental food security targets. The initiative, he said, is a key milestone in Nigeria’s drive to achieve long-term economic growth and improved living standards for its citizens through agricultural transformation.

  • Trump tariffs: FG sets up sub-committee to review impact

    Trump tariffs: FG sets up sub-committee to review impact

    • Tinubu, U.S. envoy meet on regional security, others

    • AfDB president Adesina seeks negotiation with US

    • Speaker Abbas demands stronger ties with China

    The Federal Government is reviewing  the possible effects of  the unfolding  international tariff regimes and shifts in global commodity prices.

     The  Economic Management Team (EMT)  chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has inaugurated a sub-committee to handle the assignment sparked by the US imposition of a 14 percent tariff on certain Nigerian exports.

     Goods from other countries are also attracting a wide range of tariffs.

     Amidst the tariffs uproar, President Bola Tinubu who is currently on a working visit to France, yesterday met in Paris with the US State Department Senior Advisor for Africa Massad Boulos.

     Top on the agenda of their meeting were expanding economic cooperation across Africa, and  regional security, including working together with partners to build a durable peace in eastern Democratic Republic of Congo (DRC).

    Simultaneously, House of Representatives Speaker  Tajudeen Abbas canvassed a  stronger bilateral relationship between Nigeria and China as  a viable option for Nigeria on account of the  ongoing global trade war.

    The  EMT sub-committee is made up of representatives of the Federal Ministry of Finance, the Ministry of Budget and Economic Planning (including the Budget Office of the Federation), and the Central Bank of Nigeria (CBN).

     It will assess the impact of the U.S. tariffs on Nigerian exports, including investigating  the potential for reduced demand for Nigerian goods in the U.S. market, increased costs for exporters, and broader consequences for value chains connected to these goods. In addition, the team will examine how these tariffs might affect Nigeria’s position in global trade.

     Besides, the sub-committee will evaluate the implications of fluctuating global commodity prices, with particular focus on crude oil. As Nigeria’s leading export and a major contributor to public revenue, movements in oil prices hold significant implications for the country’s fiscal health.

     The committee will study both the direct effect on revenue streams from crude exports and the knock-on effects across other sectors of the economy—such as inflation, fuel prices, and manufacturing activities dependent on imported inputs.

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    The overarching objective for setting up the sub-committee is to provide the EMT with detailed, data-backed analysis that will support timely and informed policymaking. The review is expected to serve as the foundation for targeted strategies that shield the economy from external shocks and maximize any emerging opportunities.

    The Ministry of Finance said in Abuja that  the sub-committee held its inaugural meeting earlier this week and is working under a tight timeline to present its findings to the full EMT.

    During the EMT session convened by Mr. Edun, participants from key ministries and economic agencies analyzed the economic implications of the policy shifts, especially those relating to international trade. The meeting focused specifically on the new tariff measures by the United States and the accompanying downward trend in global crude oil prices.

     While Nigeria’s crude oil has not been directly targeted by the U.S trade action, the EMT noted that the overall impact on the global trade environment, coupled with the fall in oil prices, required urgent and sustained analysis.

    The work of the sub-committee is expected to influence the next phase of Nigeria’s economic strategy. With ongoing global uncertainties—from geopolitical tensions to protectionist trade policies—the EMT appears to be reinforcing its commitment to responsive and evidence-based economic planning.

    The review exercise also signals an important step in anticipating and adapting to shifts in the global economy. By identifying risks and pinpointing areas for policy intervention, the EMT aims to keep Nigeria on a steady economic course in the face of international turbulence.

    Tinubu meets Trump’s  envoy in Paris

    The Paris meeting, according to the US Mission,  explored expanding economic cooperation across Africa, as part of efforts to deepen trade, investment, and development ties on the continent.

     “State Department Senior Advisor for Africa Massad Boulos met with President Tinubu on Thursday to discuss regional security, including working together with partners to build a durable peace in eastern DRC,” the U.S. Mission said in a statement shared yesterday by Presidential spokesman, Bayo Onanuga on his X handle.

     “They also discussed expanding opportunities for economic cooperation throughout Africa,” it added.

     The meeting comes at a time when Nigeria is working to reposition itself as a hub for investment and economic growth on the continent.

     Although details of the economic discussions were not disclosed, analysts said  the meeting was a pointer to  US  interest in engaging with African leaders on development-focused diplomacy, with Nigeria seen as a critical anchor in West Africa.

     President Tinubu has been in Paris since Wednesday, April 2, undertaking a short working visit aimed at reviewing his administration’s midterm performance and setting strategic priorities for the next phase of his tenure.

    Abbas seeks stronger ties with China option

     Speaker Abbas told a visiting delegation of the China People’s Political Consultative Conference (CPPCC) in his office yesterday that it was imperative for Nigeria to diversify its  trade partnerships in view of  the recent imposition of tariffs by the United States  “that have affected our non-oil exports.”

    “In this regard, Nigeria is equally enthusiastic about deepening cooperation through platforms such as the Belt and Road Initiative and the Forum on China-Africa Cooperation. These initiatives provide promising avenues for expanding trade, fostering investment, and promoting knowledge exchange,” he said.

    Continuing, the HoR Speaker said  Nigeria found in China’s remarkable economic transformation “a model of inspiration, particularly in the areas of industrial policy, poverty reduction and technological innovation.”

     The National Assembly, according to him, is dedicated to building enduring institutional ties with key Chinese legislative bodies, including the China People’s Political Consultative Conference and the National People’s Congress.

    He said this collaboration would  enable mutual learning on legislative reforms, effective constituency representation, and democratic innovation.

     Speaker Abbas said the results of China’s recent ‘Two Sessions’, with their focus on inclusive development, scientific advancement, and environmental sustainability, presented  substantial common ground for both nations.

     He reaffirmed the resolve of the House to the “noble pursuit of parliamentary diplomacy”, while noting that the legislative endeavours of the parliament remains pivotal in supporting Nigeria’s foreign policy objectives.

     He said, “by further strengthening our cooperation with China, we are better positioned to attain our shared aspirations for modernisation, peace, and prosperity.”

     Earlier, the Vice-Chairman of the CPPCC, Mr. Hu Chunhua, recalled that President Tinubu visited China last September, where the host president and the visiting president announced strategic partnerships.

     “China stands ready to work with Nigeria on the agreements signed by the two presidents and resolutions of the Beijing Conference,” Chunhua said, while expressing the commitment of his country to prioritising issues of common interests between China and Nigeria.

    Adesina seeks trade negotiation with US

     African Development Bank Group (AfDB) President  Akinwumi Adesina yesterday  cautioned against engaging in a tariff war with the United States.

     He asked  African nations to prioritize strategic trade and investment partnerships instead.

     Adesina spoke while  delivering the 14th convocation lecture of the National Open University of Nigeria (NOUN) with the theme “Advancing Africa’s Positioning Within Global Development And Geopolitical Dynamics.”

    Adesina and House Representatives Speaker Tajudeen  Abbas are scheduled to receive honorary doctorate degrees of the institution today.

     While Abbas will be conferred with the Honorary Doctorate Degree of Doctor of Business Administration (D.B.A.) (Honoris Causa), Adesina will be conferred with the Honorary Doctorate Degree of Doctor of Humane Letters (L.H.D.) (Honoris Causa).

    The AfDB president warned that the new U.S. tariffs could send shockwaves through African economies, weaken local currencies, increase inflation, and raise debt servicing costs.

     According to him, Africa’s trade with the U.S. is minimal, noting that making a trade war with the country was unwise.

    Adesina also emphasised the urgency of fully operationalising the African Continental Free Trade Area (AfCFTA), promoting local production and regional trade.

     “Africa must end the export of raw materials. That path leads to poverty. The path to wealth lies in value addition,” he said.

    Reiterating institutional achievements under his leadership, Adesina said the AfDB’s general capital increased from $93 billion in 2015 to $318 billion in 2024.

     He said AfDB, during his time, was twice ranked the most transparent financial institution in the world.

     According to him, the African Development Fund, its concessional arm, is now ranked second globally outperforming all OECD bilateral donors.

     “With pride, I leave behind a transformed, world-class institution, ready to help Africa navigate a complex global landscape,” Adesina said.

    He commended the African Union’s inclusion in the G20 and South Africa hosting the G20 Summit for the first time, calling them “important markers of Africa’s growing voice on the global stage”.

    As Adesina prepares to conclude his decade-long tenure later this year, he said that Africa must chart its future through self-reliance, sound policies, and strategic alliances.

     The AfDB president said that with vision, political will, and a mindset shift, Africa would not only survive, but thrive in the face of global uncertainties.

  • FG sets up sub-committee to review impact of U.S. Tariffs

    FG sets up sub-committee to review impact of U.S. Tariffs

    The federal government through the Economic Management Team (EMT), chaired by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has inaugurated a sub-committee to conduct a comprehensive review of the economic effects of ongoing international tariff regimes and shifts in global commodity prices.

    This initiative comes on the heels of recent trade policy decisions by the United States Government, which imposed a 14 percent tariff on certain Nigerian exports, alongside various tariffs on goods from other countries. 

    The development has raised concerns within Nigeria’s policy circles about the implications for local exporters and the broader economy.

    The newly formed sub-committee comprises representatives from the Federal Ministry of Finance, the Ministry of Budget and Economic Planning (including the Budget Office of the Federation), and the Central Bank of Nigeria (CBN). It has been tasked with a dual mandate.

    Firstly, the committee will assess the impact of the U.S. tariffs on Nigerian exports. It is expected to investigate the potential for reduced demand for Nigerian goods in the U.S. market, increased costs for exporters, and broader consequences for value chains connected to these goods. In addition, the team will examine how these tariffs might affect Nigeria’s position in global trade.

    Secondly, the sub-committee is to evaluate the implications of fluctuating global commodity prices, with a particular focus on crude oil. As Nigeria’s leading export and a major contributor to public revenue, movements in oil prices hold significant implications for the country’s fiscal health. 

    The committee will study both the direct effect on revenue streams from crude exports and the knock-on effects across other sectors of the economy—such as inflation, fuel prices, and manufacturing activities dependent on imported inputs.

    The overarching objective for setting up the sub-committee is to provide the EMT with detailed, data-backed analysis that will support timely and informed policymaking. The review is expected to serve as the foundation for targeted strategies that shield the economy from external shocks and maximize any emerging opportunities.

    According to a statement issued by the Ministry of Finance, the sub-committee held its inaugural meeting earlier this week and is working under a tight timeline to present its findings to the full EMT.

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    During the EMT session convened by Mr. Edun earlier in the week, participants from key ministries and economic agencies convened to analyze the economic implications of the recent policy shifts, especially those relating to international trade. The meeting focused specifically on the new tariff measures by the United States and the accompanying downward trend in global crude oil prices.

    While Nigeria’s crude oil has not been directly targeted by the U.S. trade action, the EMT noted that the overall impact on the global trade environment, coupled with the fall in oil prices, requires urgent and sustained analysis.

    The work of the sub-committee is expected to influence the next phase of Nigeria’s economic strategy. With ongoing global uncertainties—from geopolitical tensions to protectionist trade policies—the EMT appears to be reinforcing its commitment to responsive and evidence-based economic planning.

    The review exercise also signals an important step in anticipating and adapting to shifts in the global economy. By identifying risks and pinpointing areas for policy intervention, the EMT aims to keep Nigeria on a steady economic course in the face of international turbulence.

  • Edun urges resilience, intra-African trade over reciprocal tariff regimes

    Edun urges resilience, intra-African trade over reciprocal tariff regimes

    …says Customs collection funds 15% of government budget

    The federal government on Wednesday urged African countries to be resilient over the retaliatory tariff regimes some countries have imposed owing to the ones the US President, Donald Trump, recently announced on non-oil exports.

    Speaking at the 4th World Customs Organization Donors Conference for the West and Central Africa Region in Abuja, the Ministry of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the tariff as a call for African countries to trade among themselves.

    He said the consequences of the tariff regime were still being studied all over the world.

    “Now, we have the reciprocal tariff regime consequences, which are unfolding and being studied by one and all over the world.

    “But this is a lesson for us that we need to trade among ourselves. We need to be resilient.”

    The theme of the conference: “The Mobilization of Partners around Priority Projects in the WCO- WCA Region.”

    Edun said that for greater integration and prosperity, the region must be mindful of the emerging challenges threatening its collective progress.

    The minister further said the recent international developments, such as the imposition of reciprocal tariffs by the United States and the significant reduction in foreign assistance through USAID, have direct implications for the region.

    According to him, eight countries across West and Central Africa, including Nigeria, Cameroon, and Côte d’Ivoire, have been impacted by these measures, with an average tariff of approximately 13.83% now levied on exports to the U.S.

    He added that “Such actions not only increase the cost of our exports but also undermine efforts to boost trade competitiveness and diversify our economies.”

    He further noted that the abrupt withdrawal of critical development assistance programs, particularly in health and education sectors, further compounds these economic headwinds.

    Read Also: Personal Income Tax by wealthy Nigerians to hit 25%, says Edun

    The minister said these developments underscore the urgency of accelerating regional trade integration under the African Continental Free Trade Area (AfCFTA), strengthening domestic revenue mobilization, and investing in resilient customs and trade systems.

    Continuing he also warned, “It is clear that we can no longer rely exclusively on external support; instead, we must build robust institutions and partnerships that are sustainable, inclusive, and regionally anchored.”

    He said the implementation of the AfCFTA brings the hope of a transformative opportunity for the region, creating both new possibilities and responsibilities for customs administrations.

    He stressed that the challenges and opportunities have made the role of Customs administrations more crucial yet increasingly complex, as they must continue to facilitate legitimate trade, secure borders, and collect revenue for national development.

    Edun said for the region, this revenue function is particularly vital in Nigeria, customs collections have traditionally funded up to 15% of the government budget.

    According to him, West and Central Africa represent a market of over 450 million people, with a combined GDP exceeding $900 billion.

    He also said that intra-regional trade accounts for just about 12% of our total trade volume, compared to 60% in Europe and 40% in East Asia.

    The region, he said, houses eight of the world’s 32 landlocked developing countries, which face average import costs nearly twice those of coastal nations.

    Edun further noted that “Customs processing times across our borders average 12 days, significantly above the global best practice of less than 24 hours.

    “These statistics highlight both our challenges and our enormous untapped potential. Suffice it is to say that modernizing and harmonizing our customs procedures, we could boost intra-regional trade by an estimated $50 billion annually, create millions of jobs, and significantly reduce poverty across our communities.”

    Meanwhile, the Comptroller-General of the Nigeria Customs Service (NCS), Bashir Adewale Adeniyi, said the challenges the Customs in the region face were substantial but not insurmountable with the right technical support and partnerships.

    He said that across the West and Central Africa region, customs administrations are grappling with several technical challenges that impede effective trade facilitation and revenue collection.

    These, he said, include inadequate digital infrastructure for seamless processing of declarations and risk management.

    He added that they include limited interconnectivity between national customs systems, hampering effective information exchange.

    Adeniyi said the NCS has made significant strides in addressing these challenges through a series of interventions.

    These interventions, according to him, have yielded measurable results: reduced clearance times, a 90% increase in revenue collection (exceeding targets by 20%), and improved compliance rates.

  • Personal Income Tax by wealthy Nigerians to hit 25%, says Edun

    Personal Income Tax by wealthy Nigerians to hit 25%, says Edun

    • Rise in govt revenue, creative policies will fast track infrastructure devt.

    Personal Income Tax (PIT) payments by wealthy Nigerians will go up from 18.6 per cent to 25 per cent when the Tax Reform Bills become law, according to a projection by the Federal Government.

    Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the upward trajectory in revenue will complement the 20 per cent increase recorded last year.

    He said Nigeria’s economy has achieved relative stability over the past 18 to 20 months.

    He spoke in Abuja during a Zoom dialogue meeting, according to the News Agency of Nigeria (NAN).

    The Tax Reform will also tighten government expenditure, he added.

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    Edun said economic growth this year, would be driven by agriculture, housing and infrastructure.

    On agriculture, he said the government would continue to ensure good harvests through improved dry and wet season farming techniques.

    According to him, the introduction of a 25-year low-interest mortgage with single or low double-digit interest rates to address the housing deficit.

    “The Highways Management and Development Initiative (HMDI) would facilitate the concessioning of major highways to improve road infrastructure,” he said.

    An example of this is the 125-kilometre Benin-Asaba Highway being funded solely by a private organisation.

    Edun said the government was transitioning from concessional and bilateral financing to cheaper sources of funding, including a domestic bond issue.

    He also reiterated the government’s commitment to resolving pensioners’ legacy debt, adding that over N700 billion in bonds had been issued for pension payments.

    Acknowledging that Nigeria remains an oil-dependent economy, Edun stressed that the government was making efforts to create a safe and investor-friendly environment for oil operations.

    “Maximise revenue from fossil fuels while it remains viable, encourage public-private partnerships, joint ventures, and privatisation to boost investment.

    “Now is the time for equity, revenue generation and private sector participation, both domestically and internationally,” he said.

    Reflecting on the situation at the outset of the President Bola Ahmed Tinubu Administration, Edun explained that the economy narrowly avoided collapse, having survived on illegally borrowed central bank funds far beyond regulatory limits.

    “In the last quarter of 2024, the economy grew at roughly 3.84 per cent, which is close to the annual target of 3.4 per cent.

    “Looking at the metrics, inflation has started to slow down.

    “It dropped by 1.3 percentage points between January and February, and food inflation is also declining.

    “Additionally, the cost of petroleum and energy is down due to sectoral dynamics,” he said.

    Edun noted that stabilising the exchange rate had positively impacted imported goods and services, such as healthcare and education.

    He said the balance of trade was positive, with government revenues increasing by 20 per cent in 2024.

    Edun said the economy was stabilising, the budget deficit was reducing, and debt servicing as a percentage of revenue had dropped.

    “All economic indicators are moving in the right direction, and most importantly, the cost of living is gradually improving.

    “With this progress, the government is now focusing on further stabilisation and creating an environment that encourages private sector investment.

    “We are also leveraging technology to enhance revenue generation from government-owned enterprises,” the minister said.

  • Fed Govt to attract private sector investment in infrastructure

    Fed Govt to attract private sector investment in infrastructure

    The Federal Government has taken steps to remove bureaucratic hurdles that had stalled private sector investment in key road projects for over a year.

    The move is part of measures aimed at unlocking significant infrastructure development under a Public-Private Partnership (PPP) framework.

    Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this in an interview.

    Edun reaffirmed President Bola Tinubu’s commitment to addressing Nigeria’s $100 billion annual infrastructure deficit by mobilizing private capital.

    He highlighted recent approvals by the Federal Economic Council, allowing private investors to proceed with the Benin-Asaba Highway and the Lagos-Abeokuta Road both part of the Highway Development and Management Initiative (HDMI), launched under the Buhari administration.

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    The HDMI initially, he said, attracted strong domestic investor interest but faced bureaucratic delays that slowed execution.

    Edun said: “ Now, with the Tinubu administration’s intervention, the projects alongside a broader 5,000-kilometre road concession programme are moving forward. Investors have secured long-term financing, much of it from domestic sources, to construct, toll, and maintain these roads, significantly improving transport efficiency.

    “These investors have gathered long-term finance, much of it from Nigeria, in order to build these roads, concession them, and toll them,” Edun said. He noted that travel times will be slashed by 75 per cent , with the Benin-Asaba corridor dropping from four hours to one hour.

    The HDMI’s timeline, Edun further said, reflects the challenges and progress in Nigeria’s PPP road infrastructure programme.

    He clarified on the timeline for the projects, saying March 2021 – February 2022 was scheduled as a bidding phase with 18 of 75 bidders qualifying.

    Edun said June 2022 was for negotiation of concession terms.

    In January 2023, the Federal Executive Council (FEC) gave  approval for nine road corridors , 1,374 kilometres with an expected N11.54 trillion revenue over a 25-year concession period. May 2023 was for the signing of concession agreements for nine pilot roads with six concessionaires, including Africa Plus Partners Nigeria Limited (APPNL), which won the Benin-Asaba , 125 kilometres and Lagos-Abeokuta  , 80 kilometres  expressways.

    “November 2023  to  January 2025: was  for a series of renegotiations, addendums, and legal adjustments. The HDMI programme has engaged several concessionaires for specific highway corridors”

    He listed them to include : Africa Plus Partners Nigeria Limited (APPNL): Benin-Asaba Expressway  , 125 km  and Lagos-Abeokuta Expressway  80 km, Avia Infrastructure Services Limited (AISL): Abuja-Lokoja Highway , 195 km .”

    He further said : “Enyimba Economic City Consortium: Onitsha-Owerri-Aba Highway , 161.2 km,  and Enugu-Port Harcourt Expressway , 200 km,

    AFC/Mota-Engil Consortium: Sagamu-Benin Highway , 258 km  and Lagos-Badagry-Seme Border Road  79 km. China Harbour Engineering Company Ltd (CHEC): Abuja-Keffi-Akwanga-Lafia-Makurdi Highway , 175.9 km and Dafac Consortium: Kano-Shuari Highway 100 km.

  • How we are optimising assets to reduce borrowings, by Edun

    How we are optimising assets to reduce borrowings, by Edun

    The federal government yesterday outlined strategic initiatives being undertaken to optimize its assets, enhance efficiency and improve sustainability, as part of broader efforts to reduce reliance on borrowings and increase government’s revenue.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun said the strategic initiatives have led to noticeable reduction in the nation’s dependence on high-cost commercial borrowing.

    In his address at the opening of a two-day high-level interactive session in Abuja, Edun said the government is moving away from high-cost borrowing to alternative funding sources such as revenue generation, concessional loans, and strategic investments.

    The event focused on strengthening collaboration for sustainable financial management and national development, bringing together members of the Senate and House Committees on Finance, heads of agencies, and directors from the ministry.

    Edun stated that the administration has reached a stage where resource optimization takes precedence, leading to a shift away from borrowing from commercial markets. According to him, this shift is part of broader efforts to promote fiscal responsibility and reduce the financial strain caused by expensive loans.

    “We want to enhance public transparency, reduce waste, and foster accountability in public financial management while optimizing our resources.

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    We are at that optimization stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high. We are focusing more on optimizing assets and attracting private sector investment, whether domestic or foreign. That’s the collaboration I keep referring to, and it emerges at every stage,” Edun said.

    He expressed confidence in the government’s economic strategy, insisting that by using macroeconomic tools, Nigeria can significantly reduce poverty and promote sustainable development. He stressed the need for mutual respect, cooperation, and collaboration among key stakeholders in serving under the leadership of President Bola Ahmed Tinubu.

    “This event demonstrates the commitment of the Federal Ministry of Finance to partner with critical stakeholders at various levels in driving sustainable economic growth and sound financial management for our dear country,” he added.

    The Lead Speaker at the event, Senator Ita Enang, delivered a presentation on the importance of seamless coordination between the Executive and the Legislature in advancing economic policies. He pointed out that legislative committees must obtain a resolution from their respective chambers before conducting investigative hearings involving government officials.

    “Although you are the overseeing committee, you cannot, without a House resolution, invite a Minister or head of an agency to conduct an investigation over a matter. This is because you are a committee of the House, and before the House can receive such a report, it must reference its resolution authorizing the inquiry,” Enang explained.

    To enhance the transmission of bills between the Executive and the National Assembly, he recommended the establishment of an Economy Coordination Liaison Mission within the Ministry of Finance. According to him, this mission should work closely with the Ministry of Budget and Economic Development and the Budget Office of the Federation to facilitate smooth interactions with lawmakers.

    Enang noted the presence of liaison officers from institutions such as the Central Bank of Nigeria (CBN), Nigerian Deposit Insurance Corporation (NDIC), Nigerian Maritime Administration and Safety Agency (NIMASA), and the Nigerian Ports Authority (NPA), who monitor and advance bills relevant to their mandates.

    He proposed that these institutions’ liaison personnel should operate under a unified directive from the Coordinating Minister of the Economy to ensure coherence in policymaking and prevent conflicting economic measures.

    “The entirety of this economic sector liaison personnel should, under the directive of the Coordinating Minister of the Economy, work in coordination with finance and related committees of each chamber of the National Assembly. This will prevent institutions from working in silos and producing outcomes that, while strengthening individual agencies, could inadvertently harm the national economy,” he stated.