The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has asserted that Nigeria’s economy is experiencing notable growth, which may lead to a reduction in the country’s high inflation in the coming months. Edun made these remarks on Sunday during an appearance on Channels Television’s Politics Today.
The National Bureau of Statistics recently reported a rise in Nigeria’s inflation rate to 33.20 per cent in March 2024, up from 31.70 per cent in February. Food inflation also surged to 40.01 per cent during the same period. Despite these figures, Edun expressed optimism, attributing the situation to President Bola Tinubu’s economic reforms and policies, which he said are beginning to yield positive results.
“Mr. President has achieved relative growth and stability in his first year in office,” Edun stated. “The necessary fallout of the measures that had to be taken were higher interest rates to fight inflation and attract foreign currencies, which was successful. In terms of inflation, it is coming down. It is expected and projected to come down over the next few months.”
Edun emphasized the balance being struck between combating inflation and fostering economic growth. “It is very rare to have a situation where authorities, particularly the monetary authority, set their target on fighting to bring down inflation and prices generally, while at the same time striving to keep the economy growing. We do have that,” he noted.
Highlighting the economic progress, Edun said, “Quarter by quarter, when compared to the first quarter of last year, growth is up by virtually three per cent per annum above population growth, compared to about two per cent achieved by this time last year. So, we do have the economy going in the right direction. We just need to stay the course. In staying the course, help and amelioration must be given across the board.”
Edun also stressed the importance of support for various sectors. “I have talked about help that should be given to farmers and consumers. There is also help for small and medium-scale businesses. By Monday, the economic stabilization plan that deals with the factors affecting big businesses and industry will be on Mr. President’s table so that they too can stabilise, begin investment again, create jobs, and grow the economy.”
The minister’s remarks underscore a cautious optimism, suggesting that while challenges remain, the foundations for economic recovery and stability are being laid.
