The Federal Government says it is working towards reducing Nigeria’s inflation rate to single digits and creating more jobs to strengthen the economy.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this known on Saturday during a press conference in Washington D.C. at the close of the 2025 IMF and World Bank Spring Meetings. Edun said the government, alongside development partners like the World Bank, is committed to driving sustainable employment and eradicating poverty.
“The objective is to create jobs locally, empower youths, and support them through essential infrastructure, including digital infrastructure, access to data, internet, and fibre optic networks to enable remote work,” Edun stated.
He revealed that Nigeria’s unemployment rate had declined to 4.3 percent in Q2 2024, down from 5.3 percent in the previous quarter. Despite global economic headwinds, Edun maintained that Nigeria is “well positioned to survive the shocks,” crediting the reforms under President Bola Tinubu.
Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, also addressed the press, noting that tackling inflation remains the government’s priority. “Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term,” Cardoso said.
Cardoso highlighted positive outcomes from recent reforms, citing Nigeria’s $6.83 billion balance of payments surplus in 2024, strengthening of the naira, and a narrowing gap between official and parallel market exchange rates. He also said that banking sector recapitalization is “well underway” to support Nigeria’s $1 trillion economy target by 2030.
At a high-level investment forum held at Nasdaq’s MarketSite in New York, Cardoso noted renewed investor confidence in Nigeria’s economic fundamentals, including interest from diaspora investors.
Senate Committee on Finance Chairman, Senator Sani Musa, also lauded the efforts of the economic team, stating that tax reforms and financial system restructuring are helping to reposition the economy.
The Nigerian delegation to the Spring Meetings, led by Edun and comprising Cardoso, DMO Director-General Patience Oniha, and other top officials, engaged with fund managers, global financial leaders, and development partners to reinforce ties and showcase Nigeria’s ongoing economic reforms.
