Nigeria's economy persistently expanding thanks to ongoing reforms, as stated by Edun

Nigeria's Economy Thriving Amid Global Challenges, Says Minister

In a news conference held in Abuja on Thursday, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, highlighted the consistent growth of Nigeria's economy amidst global developments and ongoing domestic reform programs.

The Nigerian economy is experiencing a surge, with gross revenues increasing by 37.4% in the first half of 2025. This growth has resulted in a surplus of over N7.1 trillion for the states, providing them with greater capacity to invest. The average crude price, budgeted for at 75 dollars per barrel, is currently at 67 dollars per barrel.

The country's competitive exchange rate and the conditions under the African Continental Free Trade Area Agreement allow for the diversification of exports, particularly in sectors such as agriculture, education, health, manufacturing, technology, and infrastructure. This diversification is unlocking investment opportunities, with greater access to electricity in Nigeria fueling growth in manufacturing, agro-processing, and services.

The power sector has seen significant improvements, with no national grid collapse in 2025. The commitment to transparency, consistent, and data-driven communication by President Bola Tinubu's led administration is attracting foreign and domestic investment.

In the oil and gas sector, the average production in the first half of 2025 was 1.67 million barrels per day, which is below the 2.06 million barrels budgeted. However, the focus is not solely on the oil sector. The country is open for business and emphasizes private investment across agriculture, manufacturing, technology, infrastructure, and services.

The increase in spending of the states has mainly gone to capital expenditure. This framework would enable cheaper capital for businesses to invest and greater purchasing power for households. The Federal Government is committed to a coordinated fiscal and monetary policy framework to reduce inflation, with interest rates across major economies remaining elevated as a reflection of the fight against inflation.

The medium-term goal is to achieve a 7% annual Gross Domestic Product (GDP) growth, driven by critical investments, private investment, job creation, and higher incomes. All approvals are in place to liquidate four trillion Naira legacy debts and implement a sustainable framework under the Electricity Act.

The World Bank and African Development Bank's Mission 300 initiative supports providing electricity connectivity to 300 million additional Africans, with Nigeria being a key beneficiary. This initiative, along with the ongoing reform programs, paints a promising picture for Nigeria's economic future.

President Bola Tinubu remains in office as of September 2025, and the country's macroeconomic conditions are stable, providing people with the confidence to plan and invest. The commitment is to build an economy that works for everyone, with a focus on education, health, and infrastructure that drive long-term productivity and inclusive growth.