Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday said the next phase of President Bola Tinubu’s economic reforms will prioritise removing barriers to investment, optimising national assets, and boosting productivity across key sectors to drive annual growth to seven per cent by 2027.
Speaking at the Federal Executive Council (FEC) meeting held at the State House, Abuja, Edun explained that the upcoming reforms will feature tariff and import policy reviews, enhanced fiscal transparency, stricter expenditure controls, and a comprehensive reassessment of federal and federation balance sheets to promote inclusive and sustainable development.
“The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and investment. A detailed review of the Federation and Federal Balance Sheets is underway to optimize asset management for inclusive growth,” the Minister said.
He added that Ministers overseeing infrastructure, mining, education, health, agriculture, blue economy, digital innovation, and culture must work with State Governments to package investment-ready projects capable of crowding in large-scale domestic and foreign capital.
Read Also: Army chief pledges improved welfare, sound administration for troops
Edun reaffirmed the Tinubu administration’s commitment to achieving a $1 trillion economy by 2030, saying that Nigeria must “accelerate output to 7% per annum growth by 2027, not just as an economic target but as a moral imperative to end poverty.”
Providing an update on key economic indicators, the Minister reported that Nigeria’s GDP grew by 4.23% in Q2 2025, the highest in a decade outside the COVID rebound, with 13 sectors recording growth above 7%.
The industrial sector, he said, nearly doubled its growth from 3.72% to 7.45%, reflecting strong investor confidence.
He further disclosed that inflation had eased to 18 percent in December, external reserves climbed to $43 billion, while the nation’s trade surplus rose to ₦7.4 trillion — indicators he described as clear signs of growing macroeconomic stability.
Edun noted that Nigeria’s recent $2.35 billion Eurobond issuance, which was oversubscribed by more than $13 billion, reflected strong global confidence in the country’s economic direction and in President Tinubu’s leadership “despite political headwinds.”
“The market shrugged off political considerations and focused on Nigeria’s sound economic fundamentals,” he said, adding that the removal of Nigeria from the Financial Action Task Force (FATF) grey list and the IMF’s upgraded growth forecast were further proof that “global leaders commend our reforms and progress.”
He stressed the need for prudent fiscal management, declaring that “every naira must be optimised to sustain momentum in an era of global liquidity constraints. With less coming from multilateral lenders, we must rely on our own resources.”
