Reforms yielding positively on our economy, says Edun
Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Reforms yielding positively on our economy, says Edun.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism about Nigeria’s ongoing economic reforms, stating that they demonstrate both sustainability and signs of success.
The minister shared his views during a welcoming ceremony for the newly appointed Minister of State for Finance, Dr Doris Uzoka-Anite, in Abuja on Monday.
Edun said, “For the first time in decades, we have a foreign exchange rate that is market-based. We also have market pricing for petroleum products.
These are two fundamental reforms that were necessary and long overdue, which Mr President had the courage, boldness, and social and political dexterity to implement, along with the determination to sustain them.
“So, we stand on the threshold of a new dawn in terms of the economy’s ability to attract investment, thereby increasing productivity, growing the GDP, creating jobs, and reducing poverty.”
He highlighted the recent shift to a market-based foreign exchange rate and the deregulation of petroleum product pricing as transformative and long-overdue measures.
“Nigeria now has a market-based foreign exchange rate and a deregulated oil market, two reforms long overdue across many decades that President Tinubu is currently implementing.
“Therefore, as the coordinating minister of the economy, we stand on the threshold of a new dawn to implement these reforms, increase productivity, create jobs, and reduce poverty, and we are glad to have a Minister of State who will help in actualising the President’s reforms,” Edun added.
He emphasised that these two reforms—removing fuel subsidies and implementing a market-determined foreign exchange rate—have opened Nigeria’s economy to increased investment, with the potential to enhance productivity, grow the GDP, create jobs, and reduce poverty.
“Nigeria now has a market-based foreign exchange rate and deregulated oil market pricing, two long-overdue reforms. We stand on the threshold of a new dawn, poised to implement these changes to uplift the economy,” he noted.
In response, Uzoka-Anite, formerly the Minister of Industry, Trade and Investment, acknowledged the weight of her new role and expressed her commitment to supporting Edun and furthering the government’s economic objectives.
Both ministers reiterated their commitment to achieving President Bola Tinubu’s vision for economic growth and stability.
