By Esther Ososanya
With inflation easing, revenues surging, and foreign investments making a comeback, the Federal Government says its bold economic reforms are beginning to pay off.
Finance Minister, Wale Edun has assured Nigerians that President Bola Tinubu’s Renewed Hope Agenda is transitioning into a decisive growth phase focused on boosting productivity, creating jobs, and lifting millions out of poverty.
Speaking at the second quarter Citizens and Stakeholders Engagement in Abuja, Edun outlined the administration’s three-phase reform strategy noting that the first phase addressed fuel subsidy and forex distortions, the second focused on macroeconomic stabilization, and the current phase emphasizes investment-led growth across agriculture, industry, services, and technology.
Nigeria Aiming for 7% GDP Growth
Edun declared that ‘The real GDP growth of 3.4 or 3.8 percent is not enough. Our target is closer to 7 percent enough to double the rate of population growth and lift millions out of poverty,” stressing the need for aggressive expansion to combat poverty and unemployment.
Among the early results, he said inflation is trending downward now at 22.97 percent while external reserves have climbed from $3 billion to over $23 billion in just months, signaling renewed global market confidence.
Revenue Surges to ₦21 Trillion
The minister also reported that government revenue rose sharply from ₦12.5 trillion in 2023 to nearly ₦21 trillion so far in 2024.
He credited this to fiscal tightening, digital monitoring systems, and efforts to block leakages across Ministries, Departments, and Agencies (MDAs).
“Through better coordination, daily reconciliation, and use of technology, we’ve improved fiscal data integrity and expanded revenues across MDAs. Federation Account allocations to states and LGs have also grown,” Edun noted.
Support for Small Businesses and Home ownership
To address cost-of-living pressures and stimulate the economy, the government is rolling out grants, low-interest loans, and mortgage financing. This includes support from the Bank of Industry and a newly created Real Estate Investment Fund offering single-digit interest rates on long-term housing loans.
Investor Confidence Returning
Edun said Nigeria’s international standing is improving, with global rating upgrades and renewed investor interest. He cited Shell’s $5.5 billion oil investment and an incoming Brazilian delegation planning multi-billion-dollar livestock sector deals.
Healthcare and Housing Progress
Beyond macroeconomic numbers, Edun highlighted tangible social progress: over 1,000 primary healthcare centers have been revitalized, and new mortgage systems now allow repayment periods of up to 25 years with interest rates under 10 percent.
Reforms Must Deliver for Ordinary Nigerians
“This is not just about macroeconomic indicators,” the minister emphasized. “It’s about making life better and more affordable for the average Nigerian more jobs, more homes, more support for business, and a stronger, fairer economy.”
Measuring Success by Real-Life Impact
As reforms accelerate, Edun concluded that their success will ultimately be judged by how much they improve everyday life for Nigerians especially those most vulnerable and disadvantaged.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.