The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the Federal Government’s commitment to reducing the cost of living in 2025, with a focus on lowering food prices. Speaking to reporters after a meeting with President Bola Ahmed Tinubu in Lagos on Sunday, Edun also highlighted plans for job creation in the new year, following a recent investment trip to Saudi Arabia.
Edun, who led a federal government delegation to Saudi Arabia to follow up on investment opportunities, emphasized the importance of economic diplomacy initiated by President Tinubu during his recent visits to the country. He noted the deepening economic relationship with the Crown Prince of Saudi Arabia, discussing trade, investment, financial cooperation, and other economic partnerships.
The minister further explained that Nigeria is in the midst of dry-season farming, with efforts underway to ensure a bountiful harvest that would help reduce food prices and inflation, thus alleviating the cost of living for Nigerians.
In addition, Edun shared that the Saudi Agricultural Livestock Investment Company had committed an additional $1.2 billion to Olam, a move that is expected to increase foreign exchange inflows, create jobs, and boost the economy. He praised the stable macroeconomic environment, facilitated by the President’s strategic efforts, which has helped attract such investments.
Atiku Bagudu, the Minister of Budget and Economic Planning, added that Nigerians can expect a better economy in 2025, with lower inflation, increased employment opportunities, and greater support for businesses. He stressed that the government had made tough choices, improved social protection, and is now focused on creating a more prosperous future, with developments in infrastructure, security, education, and healthcare.