ONGOING ECONOMIC REFORMS SHOWING SIGNS OF SUSTAINABILITY, SUCCESS - EDUN

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The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism regarding Nigeria’s ongoing economic reforms, stating that they are demonstrating both sustainability and signs of success.

The minister shared his views during the welcoming ceremony for the newly appointed Minister of State for Finance, Dr Doris Uzoka-Anite, in Abuja on Monday.

Edun said, “We do have for the first time in decades, the foreign exchange rate that is market-based. We do have market pricing of petroleum products. Those are the two fundamental reforms that were necessary and long overdue that Mr. President had the courage boldness and dexterity socially and politically to implement and the determination to keep them implemented.

“So, we stand on a threshold of a new dawn in terms of the ability of the economy to attract investment thereby increasing productivity, growing the GDP, creating jobs and reducing poverty.”

He highlighted the recent shift to a market-based foreign exchange rate and the deregulation of petroleum product pricing as transformative measures long overdue.

“Nigeria now has a foreign exchange rate that is market based and also a deregulated oil market pricing which are two reforms that are long overdue over many decades that President Tinubu is currently implementing.

“Therefore as co-ordinating minister of economy, we stand on a threshold of a new dawn to implement these reforms and increase productivity, create jobs and reduce poverty and we are glad to have a minister of state that will help in actualizing the President’s reforms,” Edun added.

He emphasised that these two reforms, removing fuel subsidies and implementing a market-determined foreign exchange rate, have opened Nigeria’s economy to increased investment, with the potential to enhance productivity, grow the GDP, create jobs, and reduce poverty.

“Nigeria now has a market-based foreign exchange rate and deregulated oil market pricing, two reforms long overdue. We stand on the threshold of a new dawn, poised to implement these changes to uplift the economy,” he noted.

In response, Uzoka-Anite, formerly the Minister of Industry, Trade and Investment, acknowledged the weight of her new role but expressed her commitment to supporting Edun and furthering the government’s economic objectives.

Both ministers reiterated their commitment to achieving President Bola Tinubu’s vision for economic growth and stability.