The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian economy is moving in the right direction as policies of the new administration has started slowing down food inflation.

The minister spoke virtually on Channels Television’s Business Incorporated programme on the sidelines of the IMF-World Bank Spring Meetings in Washington, DC, USA.

Edun said the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and himself are in Washington DC to showcase the progress made so far in the Nigerian economy.

The finance minister said, “The Economic Team of President Bola Ahmed Tinubu is here to showcase the progress so far of his bold, courageous and strategic reforms of the Nigerian economy in order to get it stabilised and get investment in to get it growing again.

“We’ve all seen what has happened in terms of stabilising the exchange rate and inflation which is headed in the right direction.

“If you look closely at the numbers that came out yesterday (Monday), you will see that there is a slowing of the rate of increase of food inflation, things are moving in the right direction, government revenues are up, even oil revenues are up but not as much as we will like.”

Edun’s comments

“The President of the Economic Team, myself, and senior finance and economic officials have the following agenda items: development, climate change, extreme poverty, and how to garner resources internationally in order to achieve those goals. And most importantly, President Bola Tinubu is here to showcase the achievements of his courageous strategic reforms of the Nigerian economy in order to stabilize it and encourage investment in the country to get it growing again. “We are here to emphasize what has been done so far in terms of stabilization achievement, and the inflation is still headed in the right direction. With the numbers that came up yesterday, you will see that there’s a slowing of the rate of increase in food inflation. Things are moving in the right direction; government revenues are up, and even our revenues are up.

Edun said the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and himself are in Washington DC to showcase the progress made so far in the Nigerian economy.

The finance minister said, “The Economic Team of President Bola Ahmed Tinubu is here to showcase the progress so far of his bold, courageous and strategic reforms of the Nigerian economy in order to get it stabilised and get investment in to get it growing again.

“We’ve all seen what has happened in terms of stabilising the exchange rate and inflation which is headed in the right direction.

“If you look closely at the numbers that came out yesterday (Monday), you will see that there is a slowing of the rate of increase of food inflation, things are moving in the right direction, government revenues are up, even oil revenues are up but not as much as we will like.”

Edun’s comments

“The President of the Economic Team, myself, and senior finance and economic officials have the following agenda items: development, climate change, extreme poverty, and how to garner resources internationally in order to achieve those goals. And most importantly, President Bola Tinubu is here to showcase the achievements of his courageous strategic reforms of the Nigerian economy in order to stabilize it and encourage investment in the country to get it growing again. “We are here to emphasize what has been done so far in terms of stabilization achievement, and the inflation is still headed in the right direction. With the numbers that came up yesterday, you will see that there’s a slowing of the rate of increase in food inflation. Things are moving in the right direction; government revenues are up, and even our revenues are up.

Expressing optimism that discussions at the meetings will enhance investors’ interest and increased investment inflow into the country, Edun said: “Certainly, what is next is what matters most, and there is still a long way to go. It is good signs of recovery, good signs that we are in the right direction, but much more is needed to achieve the real goal of Mr. President, which is growing the economy and reducing poverty. For that, we need resources, and we have to sit around the table with financiers, multilaterals that have grand financing, even bilateral, as well as encourage investors.

“The important thing about these conversations is that the world is watching, and a lot of investors take their cue from the kind of reaction statement that comes out of this type of gathering.

“If you noticed, there have been very positive statements about the progress that has been made, given the types of policies that have been implemented so as to attract investment in Nigeria, and we always emphasize that the interest is in domestic investment. Nigerians interested in investing in Nigeria’s economy are welcome, and foreigners wanting to invest are also welcome.”