By Dr. Nafisat Makinde
The Federal Government says Nigeria has turned a decisive corner in its economic recovery and is on course to achieve a 7 percent growth rate by 2027/2028 through reforms driven by technology, the creative industry, infrastructure expansion, and export diversification.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this in Abuja while reviewing progress on the country’s fiscal and structural reforms introduced since President Bola Ahmed Tinubu took office in 2023. He said the measures have stabilised key indicators, with GDP growing by 4.23 percent in the second quarter of 2025, inflation moderating to 18.02 percent, and foreign reserves climbing above $43 billion, the highest since 2019. He added that the exchange rate gap between official and parallel markets has narrowed to about 1 percent, down from nearly 70 percent last year.
According to him, the government is investing heavily in digital innovation and the creative economy to harness the potential of young Nigerians and position the country as a regional hub for innovation. “We are investing in technology and the creative sector to harness the energy of our youth and position Nigeria as a hub of innovation,” Edun said. He explained that public funds alone cannot meet the nation’s infrastructure needs, hence the focus on attracting private capital through public-private partnerships such as the Ajaokuta–Kaduna–Kano gas pipeline and Project Bridge’s 90,000 km fibre expansion.
On the oil sector, Edun disclosed that crude production has rebounded to about 1.68 million barrels per day, including condensates, following improvements in security and operational stability. He said higher oil output, alongside diversification efforts, will provide fiscal space for investments in human capital, infrastructure, and social protection.
The Minister also referenced the Nigeria Tax Act and companion fiscal legislation signed by President Tinubu on June 26, 2025, which will take effect from January 1, 2026. He said the reforms will broaden the tax base, simplify compliance, and introduce a fairer tax regime that shields lower-income earners while adjusting rates for higher-income groups.
Reaffirming government’s medium-term outlook, Edun said Nigeria’s drive toward 7 percent growth will demand the active participation of the private sector, entrepreneurs, and citizens. “If we work together,” he said, “we will not only meet the target but surpass it.”
