The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reiterated President Bola Tinubu’s commitment to lifting millions of Nigerians out of poverty through targeted economic reforms and investments.
Edun made this statement during the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi on Monday.
The Minister said the administration is focusing on attracting private sector investments, both domestic and foreign, to boost productivity, create jobs, and drive economic growth.
Edun noted that the Tinubu administration inherited a mix of assets and liabilities but has taken decisive steps to stabilize the economy.
“President Tinubu is leaving no stone unturned to ensure life is made easier for Nigerians by introducing policies and programs that benefit everyone.
“The president is working hard to get investments to increase productivity, grow the economy, and move a large number of people out of poverty,” he stated.
Eliminating Inefficient Subsidies
Edun pointed out that major macroeconomic reforms have been implemented, including the removal of fuel and foreign exchange subsidies.
“These subsidies, which previously cost the country 5% of GDP annually, benefitted only a few individuals and neighboring countries, leaving the majority of Nigerians without any value. Their removal has increased resources flowing to federal, state, and local governments,” he explained.
- These additional resources, according to Edun, will be used to invest in infrastructure and social services such as education and healthcare, ultimately improving the quality of life for Nigerians.
- Edun assured that Nigeria is creating a more stable and sustainable macroeconomic environment that is attractive to private sector investors.
“The road is clear for investors, especially in the industrial sector, as the country moves toward local refining of crude oil. This will not only supply petroleum products but also provide raw materials for industries,” he said.
He added that the new economic environment enables businesses to produce competitively for both domestic and export markets, bolstering industrialisation and economic growth.
Collaboration and Commitment
Also speaking at the conference, Bauchi State Governor, Bala Mohammed, described hosting the NACOFED conference as a privilege, emphasizing the importance of collaboration in addressing Nigeria’s economic challenges.
“This event underscores the commitment of stakeholders to advancing Nigeria’s financial and economic landscape. I encourage all participants to contribute constructively for the benefit of all Nigerians,” Mohammed said.
The governor also assured attendees that his administration spared no effort to ensure the event exceeded expectations, showcasing Bauchi’s hospitality and dedication to national progress.
The theme of the conference is “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development.”
