Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has voiced his optimism regarding the country’s ongoing economic reforms, emphasizing their sustainability and early signs of success. His comments were made during a welcoming ceremony for the newly appointed Minister of State for Finance, Dr. Doris Uzoka-Anite, held in Abuja on Monday.
Edun highlighted the significance of the recent reforms, stating, “For the first time in decades, we have a foreign exchange rate that is market-based. We also have market pricing for petroleum products.” He underscored these changes as fundamental reforms that had been necessary for a long time.
He credited President Bola Tinubu with the courage and political savvy to implement these overdue reforms. “These are two fundamental reforms that were necessary and long overdue, which Mr. President had the courage, boldness, and social and political dexterity to implement, along with the determination to sustain them,” Edun said.
The minister expressed that Nigeria is now positioned for economic transformation, declaring, “We stand on the threshold of a new dawn in terms of the economy’s ability to attract investment, thereby increasing productivity, growing the GDP, creating jobs, and reducing poverty.”
Edun reiterated the importance of the recent transition to a market-based foreign exchange rate and the deregulation of petroleum product pricing, calling these measures transformative. “Nigeria now has a market-based foreign exchange rate and a deregulated oil market, two reforms long overdue across many decades that President Tinubu is currently implementing,” he noted.
He stressed that these reforms have opened Nigeria’s economy to increased investment. “Removing fuel subsidies and implementing a market-determined foreign exchange rate have the potential to enhance productivity, grow the GDP, create jobs, and reduce poverty,” Edun explained.
With the reforms set in motion, Edun expressed enthusiasm for the collaboration with Uzoka-Anite, stating, “We are glad to have a Minister of State who will help in actualizing the President’s reforms.” He emphasized the crucial role of teamwork in realizing the government’s economic objectives.
In her response, Uzoka-Anite, who previously served as Minister of Industry, Trade and Investment, acknowledged the weight of her new responsibilities. She expressed her commitment to supporting Edun and advancing the government’s economic goals.
Both ministers reaffirmed their dedication to achieving President Tinubu’s vision for economic growth and stability. “Together, we will work tirelessly to implement these reforms and uplift the Nigerian economy,” Uzoka-Anite asserted.
