The Minister of Finance and Coordinating Minister of the Economy, Chief Olawale Edun, expressed his concern about the state of Nigeria’s economy during his inaugural press conference.
He stated that the last time Nigeria’s economy appeared stable was approximately a decade ago.
He noted that the current economic situation is characterized by slow growth, double-digit inflation, a weak and depreciating exchange rate, and security challenges that hinder economic progress and poverty reduction.
Reflecting on the past and president Tinubu’s economic vision
He emphasized the need to reflect on the past when the economy experienced stability and growth, with a 6% growth rate in 2013 and 2014.
Mr. Edun highlighted President Bola Tinubu’s vision and strategy for the economy, emphasizing key priorities such as improving food security, eradicating poverty, promoting economic growth, job creation, and ensuring access to capital.
He stressed the importance of private sector involvement in solving these issues, including foreign direct investment (FDIs) and domestic investments by Nigerians.
He cited President Tinubu’s track record of leveraging private investment in infrastructure, power, and waste management during his tenure as Governor of Lagos as a model for the current administration.
The finance minister also discussed the measurement of performance, emphasizing the use of objective metrics such as literacy rates, the number of out-of-school children, and progress in reducing corruption and enhancing the rule of law.
President Tinubu’s agenda aims to create a fairer and safer environment for all Nigerians, focusing on inclusivity, youth, women, and harnessing the nation’s vast human resources for prosperity.