The Economic Management Team (EMT) has set plans to build on recent economic stabilization success to achieve rapid and sustained growth through inclusive economic development for the benefit of all citizens.
Disclosed during a strategic session of the EMT with Wale Edun, the minister of Finance and coordinating minister of the Economy in Abuja on Monday.
Speaking on the stabilization successes, Edun cited the narrowing budget deficit, improved fiscal revenues, and Nigeria’s recent credit upgrade as an indicator of international investor confidence in the country’s reform agenda.
Edun commended the Central Bank of Nigeria for its significant role in restoring confidence in the external sector, driven by the transparent exchange rate and rising foreign reserves, as it recorded a net foreign exchange reserve of $23 billion in 2024 while closing the exchange premium from 65% in 2023 to 1% in 2024.
He urged all public agencies to embrace data-driven and evidence-based policymaking.
Drawing from conversations at the recent IMF-World Bank Spring Meetings, Edun recognized ongoing global uncertainty, domestic fiscal constraints, and the recent drop in oil prices, stressing the need to boost private sector investment and job creation.
He tasked the EMT subcommittees to continue their duty in shaping the next phase of Nigeria’s economic roadmap to be presented to the President, focusing on unlocking rapid and sustained inclusive growth, as the government targets 7% in the medium term.
The EMT aims to improve Nigeria’s sovereign ratings to reduce the cost of debts while strengthening GDP growth through sector-specific growth policies.
This includes a reduction in the cost of crude oil production and an increase in oil production while improving domestic and foreign investments through effective communication of the government’s agenda.
