Edun says Nigeria’s painful reforms yielding results but acknowledges significant hardship

Finance Minister and Coordinating Minister of the Economy, Mr Wale Edun, says Nigeria is beginning to see the early benefits of its economic reforms, describing the country as being on a path to stabilisation after a period of turbulence.

Speaking at the national convention of the All Progressives Congress in Abuja on Friday, Edun said the administration of Bola Ahmed Tinubu made a deliberate choice to implement reforms rather than preserve a flawed economic system.

Representing the Federal Executive Council (FEC), the minister admitted that Nigerians are facing significant hardship but maintained that the situation is a consequence of efforts to correct long-standing distortions in the economy.

He said the focus should be on the broader direction of the economy, noting that key indicators are beginning to improve. According to him, economic growth has picked up to about 4 percent annually from roughly 2 percent in earlier years, though he acknowledged that the current level remains below what is needed.

READ ALSO: Wale Edun aligns with Economy Post: Nigeria must cut debt, build strong domestic revenue

Edun said the government is targeting a growth rate of about 7 percent in the medium term, stressing that stronger expansion is essential to meaningfully reduce poverty and improve living standards.

He added that reforms have helped rebuild confidence among investors and strengthen fiscal stability, particularly through changes in the foreign exchange (FX) and petroleum sectors, which he said previously constrained economic performance.

The minister said the government is now focused on transitioning from stabilisation to sustained growth, with an ambition to build a $1 trillion economy driven by investments in power, agriculture, and the digital economy.

He also noted ongoing efforts to attract private investment into the power sector through new financing models, expand support for farmers, and boost industrial funding through institutions such as the Bank of Industry.

Edun said the digital economy remains a key pillar of the strategy, particularly for job creation, adding that improved data infrastructure and technology could enable more young Nigerians to access remote work opportunities and earn income globally.

Rising hardship

Edun is right about the rising hardship in the nation. Petrol costs over N1,300 at various filling stations due basically to the Middle East crisis, which has shot up energy prices. The poor management of the petrol subsidy removal by the Edun-led economic team has plunged more people into povery, with the World Bank projecting that 139 Nigerians were poor as of 2025.

The World Bank said in its ‘Nigeria Development Update’ released in October 2025 that though growth had picked up and revenues and reserves rising, poverty was skyrocketing in Africa’s most populous nation.

“In 2025 we estimate that 139 million Nigerians live in poverty. So the challenge is clear, how to translate the gains from the stabilisation reforms into better living standards for all,” said World Bank’s Country Director, Mr Mathew Verghis.

He further said that the Nigerian government had taken bold steps to stabilise the economy and the efforts were beginning to yield results. However, according to him, “macroeconomic stability alone is not enough. The true measure of success will be how these reforms improve the daily lives of Nigerians—especially the poor and vulnerable.”

An international economist, Dr Lilian Duke-Whyte, picked holes with the Bola Tinubu’s government’s poor management of the post-subsidy Nigeria, noting that his policies have proved to be anti-poor and pro-rich.

READ ALSO: Almost 60% of Nigerians earn below N100,000 or have no income

“The Tinubu’s policies have been sound, but they have deepened poverty,” she said “The Nigerian government’s cash transfer programme covers only 15 million Nigerians. That is just a drop in the ocean,” she noted. “It won’t move the needle.”

She faulted the president’s management of the current oil crisis, saying that the government has shown clearly that it does not care about the people.

“Other countries are finding ways of minimising the impact of the extremely high oil prices by providing temporary subsidies to consumers and producers, but we are not doing anything. Even countries in Europe, India and China are taking measures to help refiners or the consumers, but we aren’t doing anything here. This is the time we know which government cares, but we seem to have done everything to show we don’t.”