FG Tasks Economic Team on 7% Growth
The Federal Government has directed the Economic Management Team (EMT) to chart a fresh path for Nigeria’s economic future, targeting a medium-term growth rate of seven per cent.
This next phase of the economic roadmap is expected to focus on unlocking rapid and sustained inclusive growth, anchored on a mix of fiscal discipline, investment incentives, and sector-specific interventions.
Chairing a strategic session of the EMT at the Ministry of Finance in Abuja on Monday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, led discussions on key macroeconomic developments, recent reforms, and policy directions expected to shape the country’s future.
According to a statement from the Ministry, the EMT meeting was convened to outline the economic plan that will be presented to President Bola Ahmed Tinubu. The plan is designed to build on early signs of stabilization and focus on accelerating development that directly benefits citizens.
Among the priorities identified by the EMT are efforts to strengthen Nigeria’s sovereign credit ratings, thereby reducing the cost of borrowing and enhancing investor confidence. To support these goals, the EMT subcommittees were assigned the task of formulating growth-enhancing policies at both the sectoral and macro levels.
Key areas of focus include unlocking pension fund resources for infrastructure financing, increasing daily oil production, reducing the cost of oil exploration, and sustaining efforts to attract new domestic and foreign investments.
These priorities will be supported by strategic communication of the administration’s economic agenda to all stakeholders.
To government agencies, Mr. Edun called for a more scientific and data-driven approach to policy design and implementation.
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The EMT acknowledged the significant progress made in telecoms infrastructure investment, which is expected to drive economic value in the coming quarters. It also noted the transformative role of technology in revitalizing other sectors such as agriculture, where innovation could significantly improve productivity and incomes.
Mr. Edun drew attention to macroeconomic gains recorded under the Tinubu administration, pointing to a narrowing budget deficit and improved fiscal revenues. He noted that Nigeria’s recent credit rating upgrade by international agencies is a sign of growing global confidence in the country’s reform trajectory.
“That is a clear, objective indication that things are moving in the right direction,” the Minister said, as he referenced deliberations held during the recent IMF-World Bank Spring Meetings in Washington D.C.
He also praised the Central Bank of Nigeria (CBN) for its role in rebuilding confidence in the country’s external sector. The Minister said the CBN’s adoption of a more transparent exchange rate regime, alongside increasing foreign exchange reserves—which reached $23 billion in 2024—has contributed to narrowing the exchange premium from 65 percent in 2023 to just 1 percent in 2024.
“High commendation goes to the Central Bank—not just for results, but for the clarity and transparency of their actions,” he noted.
Despite positive signals, Mr. Edun acknowledged prevailing global uncertainties and domestic fiscal constraints, including lower oil prices. He said these headwinds have made it necessary to urgently stimulate private sector investments and create jobs to absorb Nigeria’s growing workforce.
The EMT also deliberated on new strategies to make government spending more effective. Particular attention was given to “how poverty data can be disaggregated to enable the provision of targeted support and the implementation of more precise and impactful economic interventions.”
The roadmap being prepared by the EMT will form the cornerstone of the administration’s next economic phase, aimed at delivering sustained, inclusive growth while reinforcing confidence in Nigeria’s economy among citizens, investors, and the international community.
