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Wale Edun: Nigeria’s Economy on Track for Recovery Despite Soaring Inflation

January 21, 2025

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has assured that despite the country’s elevated inflation, Nigeria’s economy is on a steady path to recovery and growth. He made this statement during the 2025 budget defense session before the Senate Committee on Finance in Abuja on Monday. Edun acknowledged the rising inflation rate, which the National Bureau of Statistics (NBS) reported as 34.80 percent in December 2024, marking a fourth consecutive increase.

Edun emphasized that inflation poses a significant challenge to economic reforms and growth, making it a key focus for the government in the coming years. He stated that reducing inflation and maintaining low levels is a top priority, and the government is confident that substantial progress will be made in this regard. One of the expected drivers of inflation reduction is the ongoing decrease in fuel prices, which have been a major contributor to rising costs.

The finance minister highlighted several key economic reforms aimed at stabilizing the economy, including the liberalization of the foreign exchange market, the deregulation of petroleum pricing, and the expansion of domestic refining capacity. While acknowledging that these reforms present short-term challenges, Edun emphasized their long-term benefits, such as job creation, poverty reduction, and greater economic resilience.

Edun also pointed to the government’s focus on infrastructure development, particularly in digital networks and energy, as a means to boost productivity and attract private sector investments. He reaffirmed the administration’s commitment to laying a foundation for sustained economic growth and improving the standard of living for Nigerians. During the session, the Senate Committee on Finance approved the Ministry of Finance’s N38 billion budget for 2025 and commended the ministry’s leadership for its efforts in fiscal discipline and economic revival.

Written by Adeyemi Adewale




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