Dr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has announced that the environment is now conducive for private investors to engage in the Nigerian economy.
The minister emphasized that President Bola Tinubu is actively working to lift many Nigerians out of poverty. He stated that the President is committed to implementing policies and programs designed to improve the lives of citizens.
Edun highlighted that the key policies of the Tinubu administration have contributed to economic stabilization and have opened up avenues for investment and development.
During the opening ceremony of the National Council on Finance and Economic Development (NACOFED) 2024 Conference in Bauchi on Monday, he reiterated that the government’s initiatives have positioned the country on a sustainable trajectory toward industrialization and poverty alleviation.
He acknowledged that the administration faced significant economic hurdles upon taking office but acted swiftly to tackle them.
The minister pointed out that essential reforms, including the elimination of fuel and foreign exchange subsidies, were necessary to stop an annual economic drain of five percent of GDP.
“These subsidies primarily benefited a select few and neighboring countries, while the majority of Nigerians gained little from them,” he remarked.
According to Edun, the savings generated from these reforms are now being redirected towards infrastructure development and vital social services such as education and healthcare.
“The Federation Account is already experiencing increased resource inflows to federal, state, and local governments, which is facilitating broader investment opportunities,” he concluded.
