Hardship is Cost of Reform, Finance Minister Says

Finance Minister Wale Edun says Nigeria is now on a path of stabilisation and recovery, despite current economic hardship.

Speaking at the APC national convention in Abuja, Edun defended the government’s reform agenda, describing the pain as the cost of correcting long-standing distortions.

“The hardship we see today is there, but it is the cost of correcting imbalances. What matters is the direction of travel,” he said.

He noted that growth has strengthened, rising from about 2% in previous years to 4% currently, though he admitted this is still insufficient.

The government is targeting 7% growth in the medium term to reduce poverty and improve living standards.

Edun said reforms have restored credibility, improved fiscal conditions, and rebuilt investor confidence, particularly after eliminating distortions in foreign exchange and petroleum sectors.

“We did not continue with a broken system. We chose to act. We chose reform over delay and Nigeria over politics,” he declared.

The minister added that Nigeria is laying the foundation for long-term growth, aiming to build a $1 trillion economy supported by investments in power, agriculture, and the digital economy.

He highlighted efforts to attract private investment into the power sector, expand support for farmers, and strengthen industrial financing through the Bank of Industry.

He also pointed to the digital economy as a driver of jobs for young Nigerians, with investments in data infrastructure enabling remote work opportunities.

Edun concluded that Nigeria must move “from stabilisation to growth, from hardship to opportunity, and from potential to prosperity,” stressing that reforms are designed to deliver sustainable and inclusive development.