In his keynote address, Edun said recent macroeconomic reforms had begun to stabilise the economy but cautioned that current growth levels remain inadequate to deliver broad‑based prosperity.

“For nearly a decade, our GDP averaged around two per cent,” Edun said. “We have now moved into a new phase where growth is closer to four per cent, supported by macroeconomic reforms. This is an important improvement, but it is still below the level required to move Nigerians out of poverty in their millions.”

Reforms have strengthened resilience

Edun noted that Nigeria is navigating a renewed global economic shock at a sensitive point in its reform journey. However, he argued that the effects have been softened by reforms introduced since May 2023.

“These shocks would have been far more severe without the comprehensive reforms that have been put in place,” he said, citing stronger external reserves, improved non‑oil revenue performance, and returning investor confidence across domestic and foreign markets.

According to the former Minister, Nigeria is now better positioned to absorb shocks “through price adjustments, investment reallocation, and expanded trade opportunities across Africa and globally”, creating a more predictable environment for business planning and capital deployment.

Enterprises across the value chain must drive inclusive growth

The central theme of the address was the role of enterprises across the value chain in driving inclusive growth.

While Edun described small and medium‑scale enterprises (SMEs) as the backbone of the economy, accounting for over 90 per cent of businesses and the majority of employment, he also highlighted the importance of large corporates in building productive and resilient ecosystems.

“Their growth is central to inclusive development,” he said of SMEs. “If we want growth that creates jobs and reduces poverty, then SMEs must be supported deliberately.”

He stressed that this support must translate into practical outcomes, including access to appropriate financing, improved processes, and stronger integration into value chains. For large organisations, he noted, scaling productive capacity and strengthening supplier networks is equally critical.

Productivity and trade as growth enablers

Edun highlighted the National Single Window Initiative as a reform focused on execution and productivity.

“Government revenue will increase, not because of higher charges, but because of increased volumes through productivity,” he said.

He emphasised that Nigeria’s long‑term growth will depend on its ability to compete beyond its borders, noting that trade will remain a key driver of diversification and foreign exchange earnings.

“Our true potential does not lie only in our large domestic market,” Edun said. “It lies in becoming a leading exporting economy.”

Partnership and shared responsibility

The former Minister was clear that the government cannot deliver transformation alone.

“Government cannot drive transformation alone,” Edun said. “Its role is to maintain stability, implement predictable policies, and remove structural and bureaucratic constraints to investment.”

Achieving Nigeria’s ambition of building a one‑trillion‑Dollar economy, he added, will require collaboration between government, large corporates, financial institutions, and SMEs.

In closing, Edun delivered a clear signal to investors and businesses.

“Nigeria is open for business. Nigeria is ready for investment, and Nigeria is committed to building an economy that works for all and delivers shared prosperity.”

As discussions continue at the summit, the message is clear. The next phase of growth will favour businesses that are well‑structured, productive, and positioned to scale.

Stanbic IBTC continues to support SMEs and large corporates across key sectors, providing financing, advisory, transaction banking, and trade solutions aligned to different stages of business growth.

Businesses seeking to scale operations, strengthen value chains, or expand into regional and global markets are encouraged to engage with Stanbic IBTC to explore solutions aligned with their growth ambitions.

Speaking at the official handover ceremony from his predecessor, Wale Edun, the Minister expressed appreciation for the groundwork laid in stabilising the nation’s economy.

“I formally assumed office yesterday as the Minister of Finance and Coordinating Minister of the Economy, following a handover from my predecessor, Mr. Wale Edun. I sincerely appreciate him for his service to our country and the foundation he has laid,” Oyedele stated.

He noted that Nigeria stands at a critical turning point, emphasizing the need to transition from stabilisation to sustainable growth and inclusive prosperity.

“Nigeria is at a critical juncture. Having taken important steps to stabilise the economy, our immediate task is to consolidate these gains, deepen ongoing reforms, and ensure they translate into tangible benefits for all Nigerians.”

Strategic Priorities

Outlining his policy direction, Oyedele highlighted five core priorities that will shape the ministry’s agenda:

Productivity & Growth: Creating a predictable, investor-friendly environment anchored on policy coherence, consistency, and clarity.

Fiscal Discipline & Sustainability: Ensuring transparent and prudent management of public resources.

Revenue Optimisation & Fair Taxation: Harmonising revenue administration, broadening the tax base, reducing pressure on vulnerable populations, and supporting economic growth.

Stronger Government Coordination: Aligning efforts across all tiers of government and institutions to maximise policy impact.

Public Policy Private Partnership (PPPP): Deepening collaboration with the private sector and stakeholders for data-driven policy design, co-implementation, and continuous feedback.

The Minister stressed that policy success will ultimately be judged by execution and outcomes.

“Good policy design alone is not enough; success will be defined by execution. We are committed to disciplined implementation, accountability, and measurable results.”

Oyedele reaffirmed his commitment to working collaboratively across government, the private sector, and with citizens to accelerate economic growth and build a more stable, inclusive, and prosperous Nigeria.

“I look forward to working with colleagues across government, the private sector, and all Nigerians as we move from reform to result, accelerate growth and build a more stable, inclusive, and prosperous economy.”

The decision, announced on Tuesday, is part of efforts to strengthen coordination and improve policy delivery under the administration’s economic agenda.

Following the shake-up, Taiwo Oyedele has been appointed as the new Finance Minister, while

Dr. Muttaqha Darma is set to take over the Housing portfolio.

According to the Presidency, outgoing ministers have been directed to complete their handover processes on or before April 23, 2026.

Officials say the move is aimed at boosting cohesion within the Federal Executive Council and accelerating economic reforms.

The Minister rather warned that reversing recent reforms could undermine the country’s fragile economic gains despite a potentially favourable oil price environment.

Speaking at a press conference after the Intergovernmental Group of 24 meetings in Washington DC, Edun who chairs the G24, stressed that while higher crude prices may boost revenues for oil-producing countries like Nigeria, the broader impact of the ongoing global energy shock presents a more complex and less benign reality.

According to him,

“It is important that we don’t have a return to generalized subsidies, a sort of relapse into policies that have not proven successful in the past,” noting that recent reforms under President Bola Ahmed Tinubu were already delivering progress before being disrupted by external shocks.

President Bola Ahmed Tinubu had at the inception of his tenure in 2023 scrapped petrol subsidies and liberalised its foreign exchange regime in, moves widely seen as critical to restoring macroeconomic stability but which have also triggered a sharp rise in the cost of living.

Edun argued that the current global crisis which is driven by geopolitical tensions and energy market disruption, should not derail those reforms, even as households come under increasing pressure.

Rather than a wholesale rollback, he advocated targeted and temporary interventions aimed at cushioning the poorest and most vulnerable economies against rising prices.

“We have to use targeted and temporary relief as opposed to rolling back the transformations which economies have taken,” he said.

His comments come amid renewed debate over whether oil-exporting nations like Nigeria stand to benefit from rising crude prices. While acknowledging that higher prices could strengthen fiscal and external balances, Edun cautioned that the gains are offset by inflationary spillovers.

“It’s not a one-way street,” he explained, noting that increased energy costs feed into higher prices for fertiliser, food and transportation, thereby eroding real incomes even in oil-producing economies.

On the monetary side, Edun warned that central banks must tread carefully to avoid worsening the situation through overly aggressive tightening.

“There’s a critical balancing role here,” he said, cautioning that raising interest rates too early or too sharply could damage ongoing economic transformations, while delayed action could allow inflation to spiral.

This was corroborated by Iyabo Masha, the director G24 Secretariat, who argued that supply-driven inflation, particularly from oil production constraints does not respond effectively to higher interest rates.
She urged policymakers to adopt a more cautious, data-dependent approach, noting that central banks should only tighten decisively if inflation begins to feed into wages and broader demand pressures.

“Unless these inflationary pressures are going into wages central banks should at least balance and wait and see how things evolve,” she said.

The G24 raised concerns about the deteriorating external financing environment for developing economies.

G24 Chair and Nigeria’s Minister of Finance, Edun revealed that many countries are now experiencing net financial outflows, with debt servicing costs far exceeding inflows from aid and investment.

According to him, developing countries paid about $163 billion in debt servicing in 2024, compared to just $47 billion in overseas development assistance, even when foreign direct investment is included.

This imbalance, he noted, is constraining the ability of countries like Nigeria to invest in growth and poverty reduction.

“We are in a period where developing countries… are facing a net outflow,” Edun said, calling for stronger support from multilateral institutions such as the International Monetary Fund and the World Bank.

He, however, emphasised that the long-term solution lies in strengthening domestic resource mobilisation, including tax reforms and improved revenue collection, to reduce reliance on external financing.

As global uncertainties persist, the message from Nigeria’s economic managers is clear: reforms must hold, even in the face of rising pressures, while policymakers carefully navigate the delicate balance between stabilisation and growth.

[Source: Leadership]

Speaking at the Nigeria Economic Summit Group (NESG) 2026 Macroeconomic Outlook launch in Lagos, Edun said the high execution rate reflected enhanced transparency, improved public financial management, and a deliberate policy focus on completing ongoing infrastructure projects rather than leaving them unfinished.

“In aggregate, capital expenditure in 2024 reached 85 per cent performance,” Edun said, noting that the National Assembly extended the implementation period of the 2024 budget, allowing critical road, energy, housing, and social infrastructure projects to be seen through to advanced stages.

The minister emphasised that while capital spending in 2025 is expected to be lower as part of a consolidation strategy amid fiscal constraints, statutory obligations including foreign and domestic debt servicing and salary payments were fully met, reflecting prudent management of limited resources.

Edun described the performance as part of a broader agenda to position Nigeria as a competitive economy regionally and globally, stressing the importance of sustained capital investment to lower the cost of capital, improve electricity supply, expand mortgage financing, and accelerate infrastructure development.

The high execution rate comes as the government projects economic growth of about 4.68 per cent in 2026, aligned with medium-term goals of achieving seven per cent annual growth and building a $1-trillion economy by the end of the decade.

IMF Urges Continued Reform

At the same event, the International Monetary Fund (IMF) cautioned against policy reversals that could undermine hard-won macroeconomic gains.

Dr Christian Ebeke, IMF country representative, highlighted ongoing risks such as persistent double-digit inflation and warned that government intervention in price and volume controls could weaken confidence and fiscal stability.

Banking Sector’s Role in Growth

Dr Muhammad Abdullahi, Central Bank of Nigeria’s (CBN) deputy governor for Economic Policy, said the banking sector’s recapitalisation programme aims to create a more resilient financial system capable of supporting Nigeria’s ambition to scale its economy and deliver productive credit to small and medium-sized enterprises (SMEs) and other growth-critical sectors.

Business and Investment Implications

For the business community and investors, the reported capital expenditure execution demonstrates several positive signals:

• Fiscal discipline and budget credibility: High execution suggests the government is following through on planned projects, reducing the risk of abandoned investments.
• Infrastructure delivery: Greater capital deployment may ease business bottlenecks, particularly in power, transportation, and housing sectors.
• Investor confidence: Combined with projected growth and structural reforms, the emphasis on completing priority projects may enhance Nigeria’s attractiveness to domestic and foreign capital.

However, some economists have raised questions about the tangible economic impact of the capital spending, pointing to delays in fund disbursement and the pace at which project benefits reach the wider economy.

Still, government officials maintain that the focus on execution and fiscal reforms lays the groundwork for more inclusive and sustainable growth, with the 2026 budget branded as one of consolidation, renewed resilience and shared prosperity.

As Nigeria navigates global headwinds and domestic priorities, the ability to sustain strong capital spending outcomes alongside macroeconomic stability will remain central to achieving long-term competitiveness and economic transformation.

The swearing-in ceremony took place Council Chamber of the State House, Abuja, before the start of the Federal Executive Council meeting. 

Dr Bernard Doro, a UK-trained clinical practitioner with vast experience, is a seasoned  pharmaceutical and public health administrator. 

He was earlier nominated to replace the current APC National Chairman, Prof. Nentawe Yilwatda, who formerly served as minister of Humanitarian Affairs and Poverty Reduction before emerging as the party’s chairman on July 31, 2025. 

The appointments comply with the Federal Character Commission Act, as Enugu and Plateau States previously had no representation at the Federal Executive Council. Their swearing-in brings the Tinubu administration’s cabinet size to 48.  

Some analysts have raised reservations about the number of ministers in the Tinubu administration. However, the appointments of Doro and Udeh are considered necessary, as both states were previously underrepresented.

Among those who have objected to government spending is the former Central Bank Governor and Emir of Kano, Sanusi Lamido Sanusi.

Speaking at the Oxford Global Think Tank Leadership Conference and Book Launch, the monarch said, “If you stop paying subsidies but continue borrowing more, it means you’ve filled one hole only to dig another. The real challenge now is the quality of government spending and the management of the revenues saved,” he said. 

Dr Doro hails from Kwall, Bassa Local Government Area of Plateau State. According to the Presidency, he holds multiple degrees in Pharmacy, Law, and Advanced Clinical Practice. 

Dr Kingsley Udeh, who served as attorney-general and the commissioner for Justice in Enugu State until his appointment, replaces Uche Nnaji, the former Minister of Innovation, Science and Technology.

Nnaji resigned on October 7, 2025, following public controversy over his academic records at the University of Nigeria, Nsuka (UNN). 

After the swearing-in, the Federal Executive Meeting went into a closed session, its first since July 2025. The reason the meetings have not been held weekly, as in the previous administration, has not been made public by the Federal Government. 

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, briefed the council on Nigeria’s return to the international capital market, noting that the $2.35 billion Eurobond was oversubscribed by an all-time 453%, attracting $13 billion in orders, as reported by the Debt Management Office (DMO).

“The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and investment,” the Minister said.

However, one of the biggest obstacles to sustaining this growth lies in the cost of logistics, in some cases consuming up to 75% of a product’s value, far higher than the global average of 6–8%.

Against this backdrop, PepsiCo and DP World have expanded a $20 million partnership to bolster PepsiCo’s food business in Lagos, launching the iconic billion-dollar snack brand Cheetos into the Nigerian market. 

The investment, beyond just snacks, is being pitched as an initiative to strengthen local manufacturing, create jobs, and address structural weaknesses in supply chains that have long slowed Africa’s largest economy.

Linking the development directly to the Tinubu administration’s reforms, Edun stated that “The inauguration of this Cheetos plant reflects the bold reforms we are driving to stabilise our economy and unlock sustainable growth. With GDP projected to grow by 5%, we are seeing real results from our pillars of reform – diversification, industrialization, and job creation. 

“By sourcing locally and creating jobs, this investment brings to life President Tinubu’s vision of a stronger, more inclusive economy. Producing Cheetos not only for Nigeria but for West Africa highlights our nation’s role as a regional hub for manufacturing, supported by ongoing progress in technology and digitalisation.”

Today, August 20, 2025, PepsiCo cut the ribbon on its expanded snacks factory in Lagos State, marking the official entry of Cheetos into Nigeria. The brand, which generates more than $1 billion annually worldwide, is produced in two flavours, Cheese and Coconut, with Sour Cream set to launch next month.

PepsiCo says the arrival of Cheetos strengthens its snacks portfolio in West Africa, adding to Lay’s and Doritos already in the market. More importantly, it reiterates PepsiCo’s commitment to localisation, job creation, and resilient supply chains.

Local Sourcing at the Heart of Strategy

According to Felix Enwemadu, general manager, PepsiCo Foods Nigeria, nearly all inputs for Cheetos are sourced within Nigeria. “For Cheetos, we’re sourcing close to 100% of the raw materials from Nigeria. Corn grits come from a partnership with farmers under an outgrower scheme. Vegetable oil is supplied entirely by Presco Plc, quoted on the stock exchange. 

“Flavours are also sourced locally. For sausage rolls, our wheat flour is fully supplied by Flour Mills. The only import we have is Quaker Oats, because Nigeria’s climate doesn’t allow oat cultivation.”

This fully integrated sourcing programme strengthens PepsiCo’s supply chain while empowering thousands of local farmers.

Enwemadu stressed that compliance and quality remain top priorities: “Before we launch any product, NAFDAC and SON inspect our factories and conduct quality checks. We follow global standards, including environmental health and safety. Our relationship with regulators is second to none.”

Community Investments

PepsiCo’s investment goes beyond its factory walls, as the PepsiCo Foundation’s Safe Water Access programme with WaterAid Nigeria has reached over 54,000 people directly and educated more than 800,000 Nigerians on hygiene practices since 2022. 

In Lagos, women have been trained as Local Area Mechanics to operate and maintain water systems, ensuring sustainability.

“When we put money in, we’re not just donating; we’re creating self-sustaining systems,” Enwemadu said. “We design projects so communities can maintain them. We work with local leaders to ensure accountability, and we bring in partners like DP World to scale impact.”

DP World’s Logistics Perspective

For PepsiCo’s partner, DP World, which has partnered with PepsiCo across three Nigerian facilities, says logistics inefficiency is one of the greatest threats to Nigeria’s economic competitiveness.

Mohammed Akoojee, CEO & MD sub-Saharan Africa, DP World, was frank, “It’s very inefficient. Nigeria has one of the highest logistics costs in the world. In some cases, up to 75% of the value of a product is logistics. Compare that to the global average of 6–8%. That’s holding Africa back.”

He noted how Nigeria, despite having a population size comparable to Indonesia, handles only 1.6 million containers annually, five times fewer than Indonesia.

DP World is investing in port terminals, road infrastructure, warehouses, and AI-driven technology to reduce costs, “With the amount of data we have across warehouses, trucks, ports, and thousands of points of sale, we could be the Google of Africa in terms of predictive analysis for logistics. AI will allow us to price better, move faster, and make products more affordable.”

A Longstanding Partnership

The Cheetos factory is the third PepsiCo facility developed with DP World in Nigeria. Ajit Nair, MD – FMCL Nigeria, DP World, noted that “Nigeria is PepsiCo’s most integrated market with DP World, spanning the full value chain from manufacturing to distribution. This achievement reflects the strength of our partnership, built on trust, performance, and shared purpose.”

DP World also operates PepsiCo partnerships in Mozambique, Ghana, Ivory Coast, and Senegal, with Nigeria serving as the largest footprint.

Government Endorsement

Beyond Edun’s remarks, the Lagos State Government emphasised the bigger socio-economic gains.

Commissioner Folashade Bada Ambrose, representing Governor Babajide Sanwo-Olu, said: “The socio-economic impact of this collaboration will be transformative. We will see faster, more cost-effective movement of goods, greater inclusion of Nigerian businesses in global supply chains, and more jobs for Lagosians. This means more opportunities for local entrepreneurs, more exports, and improved food security as perishable goods reach consumers faster.”

She underlined that such partnerships align with Lagos’ vision to remain Nigeria’s commercial hub, where the government creates an enabling environment while businesses drive growth.

PepsiCo’s Nigerian Footprint

Ahmed El-Sheikh, President MENAPAK, PepsiCo, placed the project in context, “Since 1992, we have been proud to be part of Nigeria’s growth, building talent, investing in local capabilities, and working alongside communities. Our food operations employ over 1,000 Nigerians, anchored by two world-class facilities in Lagos producing Quaker Oats and sausage rolls. Today, with this new Cheetos factory, we add another chapter.”

El-Sheikh described Nigeria as standing at a “pivotal moment”.

“Its aspiration to become a trillion-dollar economy in the coming decade is not just hope, it’s achievable — but it requires ambition, trust, and deep collaboration in the public and private sectors.”

The Bigger Picture: Reform, Stability, and Exports

Edun’s keynote went further, pointing to reforms that have freed up 5% of GDP through subsidy removal, boosted foreign reserves to $42 billion, and set the stage for industrialisation. He argued that domestic production and local sourcing reduce FX demand, create jobs, and improve competitiveness.

“Over 90% of the raw materials for Cheetos are locally sourced. That means less dependence on foreign exchange and more jobs in Nigeria. With AfCFTA, Nigerian-made products can now compete across the continent of 1.4 billion people. This is the road to inclusive growth.”

The Cheetos launch may look like a simple product introduction, but its backers say it represents something bigger, which is a test of whether reforms, local production, and supply chain investments can ensure Nigeria’s long-promised economic transformation.

PepsiCo has revealed its intent with $20 million and near-total local sourcing. DP World has committed to reducing logistics expenses that eat up to 75% of product value, and the government is betting on reforms to sustain 5% growth and build a trillion-dollar economy.

The Cheetos plant now seeks to push Nigeria to finally move from being just a market to being a regional hub for manufacturing, trade, and inclusive growth.

The directive was disclosed by Wale Edun, minister of Finance and coordinating minister of the Economy, after Wednesday’s Federal Executive Council (FEC) in Abuja.

Edun explained that the President specifically called for a review of the Nigerian National Petroleum Company Limited (NNPC)’s 30% management fee and 30% frontier exploration deduction under the Petroleum Industry Act.

He directed the Economic Management Team, led by Edun, to present actionable recommendations to the FEC on the best path forward.

The review will cover agencies including the Federal Inland Revenue Service (FIRS), Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and NNPC Limited.

Speaking on the significance of savings and investment as a catalyst for growth, Tinubu said:

“Currently, public investment as a share of GDP stands at a low 5.0 per cent, largely due to insufficient public savings.

“We must urgently review and optimise our savings. This includes enhancing spending efficiency and reviewing deductions from the Federation Account, such as the cost of collection by revenue agencies, such as FIRS, Customs, NUPRC, and NIMASA.”

Citing the IMF’s Article IV Report published in July 2025, Tinubu noted that while it acknowledged Nigeria’s economic growth, it also stressed the need for investment-led growth. Identifying savings as the foundation of investment, the President aims to raise public savings by reviewing deductions and retention practices.

He reaffirmed his commitment to inclusive development, pointing to the recently launched Renewed Hope Ward Development Programme, which is designed to empower grassroots economic players, engage sub-national governments, and involve the private sector to ensure effective implementation.

He also urged state governors to prioritise productivity-enhancing investments and strengthen collaboration with local governments to tackle poverty.

According to a press statement signed by Hawwau Gambo, head of Communications and Public Affairs Department, Mr. Thompson Oludare Sunday was officially inaugurated as the managing director/chief executive officer, alongside Dr. Kabir Sabo Katata, who assumes the role of executive director (Operations).

The inauguration took place at the Ministry of Finance, Abuja.

In his remarks, Edun urged the new management team to bring their diverse experience to bear in ensuring economic stability, while reaffirming the ministry’s full support in helping them achieve their mandate.

“As a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity,”  he stated.

In response, Sunday assured the Minister of the management’s commitment to delivering on its responsibilities and expressed gratitude to President Bola Tinubu for the appointment.

He emphasised that the management’s approach would be guided by public policy objectives and pledged to drive seamless collaboration with the Corporation’s staff.

Thompson Oludare Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience. His expertise spans corporate governance, risk management and compliance, key pillars for ensuring institutional safety and soundness.

Dr Kabir Sabo Katata, the new executive director (Operations), is a quantitative energy strategist and computational finance expert with extensive experience in power trading and risk management.

He joined the NDIC in 2012 as an Assistant Director in the Research, Policy, and International Relations Department and rose to the position of Director in January 2022 before his current appointment.

Addressing the downside risks highlighted in the International Monetary Fund (IMF) Article IV Consultation report, Wale Edun emphasised that the implementation of the 2025 budget is being carried out with a focus on safeguarding reforms and ensuring economic stability.

The Minister expressed appreciation for the IMF’s recognition of the Federal Government’s ongoing reforms and the notable progress achieved over the last two years.

Highlighting that the reforms have contributed to notable improvement in the country’s fiscal and external positions, bolstering investor confidence, and strengthening the resilience of the economy.

Minister Wale Edun acknowledged the Fund’s recognition of growth in the agricultural sector, especially the rise in food production, which has helped ease inflationary pressures.

He noted that the inflation in the country has improved, declining lower than the figures reported during the IMF mission in April, as the headline inflation eased to 22.9%, while food inflation also declined to 21.4% in May.

Highlighting the impact of Nigeria’s economic reforms, he cited the IMF’s positive outlook as evidence of the country’s growing resilience to external shocks.

These reforms, which include the unification of the exchange rate, fuel subsidy removal, and a boost in non-oil revenue, have strengthened macroeconomic stability and restored investor confidence.

He reiterated the government’s commitment to ensuring sound economic management, macroeconomic stability, and an improved standard of living for all Nigerians.