The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed President Bola Tinubu’s commitment to reducing poverty in Nigeria through targeted economic reforms and investment strategies.

Speaking on Monday at the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi, Edun outlined the administration’s efforts to stabilize the economy, attract investments, and improve the quality of life for Nigerians.  “President Tinubu’s administration inherited assets and liabilities, and there is no looking back. It’s about charting a forward path to stabilize the economy,” Edun stated during the conference.

He highlighted Tinubu’s focus on attracting domestic and foreign direct investments to boost productivity, generate employment, and lift millions of Nigerians out of poverty.“Major macroeconomic reforms are in place. The president has stopped the bleeding that was costing 5 percent of GDP annually without benefiting most Nigerians, such as the fuel and foreign exchange subsidies,” Edun added.

The minister noted that the removal of these subsidies has significantly increased the resources available to the federation account, empowering federal, state, and local governments to invest more in critical infrastructure and essential services like education and healthcare.  Edun also emphasized Tinubu’s initiatives to attract private sector participation, particularly in the petroleum refining sector. He explained that refined crude oil is now being processed both abroad and domestically, bolstering manufacturing and industrial growth.

“The country is back in business and en route to industrialization. Nigerians should be encouraged by the creation of a stable and sustainable macroeconomic environment that is investor-friendly,” he said.

According to the World Poverty Clock, 70.8 million Nigerians approximately 31 percent of the population live in extreme poverty. Edun assured that the Tinubu administration is actively working to reverse this trend through bold economic policies and enhanced investment opportunities.

The NACOFED conference, a key platform for shaping Nigeria’s fiscal and economic policies, serves as an avenue to reinforce the government’s commitment to sustainable economic growth and poverty alleviation.