Wale Edun Reaffirms Reform Drive as IMF Flags Global Economic Threats

Wale Edun, minister of Finance and coordinating minister of the Economy, has reaffirmed the government’s proactive stance towards tackling the impact of global uncertainties on the economy.

Addressing the downside risks highlighted in the International Monetary Fund (IMF) Article IV Consultation report, Wale Edun emphasised that the implementation of the 2025 budget is being carried out with a focus on safeguarding reforms and ensuring economic stability.

The Minister expressed appreciation for the IMF’s recognition of the Federal Government’s ongoing reforms and the notable progress achieved over the last two years.

Highlighting that the reforms have contributed to notable improvement in the country’s fiscal and external positions, bolstering investor confidence, and strengthening the resilience of the economy.

Minister Wale Edun acknowledged the Fund’s recognition of growth in the agricultural sector, especially the rise in food production, which has helped ease inflationary pressures.

He noted that the inflation in the country has improved, declining lower than the figures reported during the IMF mission in April, as the headline inflation eased to 22.9%, while food inflation also declined to 21.4% in May.

Highlighting the impact of Nigeria’s economic reforms, he cited the IMF’s positive outlook as evidence of the country’s growing resilience to external shocks.

These reforms, which include the unification of the exchange rate, fuel subsidy removal, and a boost in non-oil revenue, have strengthened macroeconomic stability and restored investor confidence.

He reiterated the government’s commitment to ensuring sound economic management, macroeconomic stability, and an improved standard of living for all Nigerians.

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