The Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, has assured Nigerians that the economy is growing and performing exceedingly well under the Bola Ahmed Tinubu administration. He stated that non-oil revenue has shown a consistent increase, culminating in $55 billion in non-oil exports for the year 2023.
This information was shared by the minister while briefing the State House in Abuja on Tuesday, following a Council of States meeting where a vote of confidence was passed for President Bola Ahmed Tinubu.
The minister provided further insight, noting that the rise in export business has led to a trade surplus, indicating increased investor interest in the economy. Wale Edun assured Nigerians that despite the high inflation rate, investors are creating significant opportunities, especially in the infrastructure sector.
Wale Edun’s Speech:
In broad terms, the economy is growing. The balance of payments, in particular, the trade balance and the current account balance, are in surplus. The exchange rate is stabilizing. The inflation, though uncomfortably high for the liking of Mr. President and his team, is slowing and set to fall. Foreign investors and domestic investors are participating in important private-public partnerships, particularly in the infrastructure sector. Foreign direct investment is beginning to recover, I would say. On that basis, we reported in particular the opportunities for the economy to stabilize.*
“We identified in the meeting that we have non-oil exports at $55 billion last year with tremendous room to grow,” Edun said.*
The minister also emphasized the government’s efforts to provide employment opportunities, especially in the service sector, for young Nigerians. He mentioned that these young individuals could offer their skills through the internet and telephones.
According to the minister, the government will continue to support the economy through various strategic interventions aimed at reducing the high cost of living caused by rising inflation.
Wale Edun’s Speech Continued:
“In particular, we identified that the service sector—such as software services, accounting services, and computer services—can be provided by young Nigerians. These Nigerians, staying in Nigeria, can offer services through the internet and telephone. Outsourcing was a key area we emphasized.”
“In a nutshell, we reported that there has been good progress, and efforts will continue to ensure that interventions to ameliorate the high cost of living for individuals, the agricultural sector, and small-scale businesses are effective,” Edun added.
This demonstrates that the Nigerian government is implementing expansionary policies, such as employment generation. However, the dependence of Nigeria on foreign goods remains a concern, which hopefully the strategies employed by the minister can address.
