Economy: Nigeria already turning the corner, says Wale Edun

Wale Edun, the minister of finance and coordinating minister of the economy, says Nigeria is already turning the corner as economic growth has become more evident.

At the World Bank Nigeria development update themed ‘Staying The Course: Progress Amid Pressing Challenges’ held in Abuja Edun said the country’s economic trajectory is positive.

“Nigeria is already turning the corner. When you look at the figures, what has been done in terms of monetary policy by the governor of the central bank, ably assisted, I may say, by the fiscal side, coping with those heightened interest rates, all in a bid to get the economy stable,” he said.

Edun maintained that the government is also ensuring the stability of the exchange rate, getting foreign exchange into the system and “now we are looking at staying the course.”

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He stated that any effort that is not sustained is a waste, stressing that the government remains committed to its reforms.

The minister added that efforts are being made to rein in inflation, create jobs and get the economy growing.

He stated that investments are needed for the desired growth, noting that by lowering inflation which is deterring investment, the economy will bounce back and create jobs.

Edun added that the federal government is making efforts to develop the agricultural sector to accelerate growth and bring down prices.

The minister said that the removal of the subsidy has helped ease the burden that subsidy puts on Nigeria’s GDP.

“The key thing here is that for the first time in 40 years, the vex tissue of fuel subsidy, and linked to it, the foreign exchange subsidy, costing five percent of GDP has gone.