One Year in Office: Nigeria’s Economy Experiencing Growth – Federal Government Declares
The Nigerian economy has shown a significant rebound, with a robust growth rate of 2.99%, surpassing the 2.3% growth observed in Q1 of 2023.
This announcement was made by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, while presenting his ministry’s progress report, marking one year under President Bola Tinubu’s administration in Abuja on May 28th.
Edun emphasized that this improvement in economic growth is a testament to the effectiveness of President Bola Tinubu’s economic policies.
He highlighted that the agriculture sector, a critical component of the economy, is experiencing modest growth.
This growth is expected to play a crucial role in curbing inflation, particularly with a promising wet season harvest anticipated to stabilize food prices.
“This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun stated. “By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty.”
Edun also noted significant improvements in revenue collection, enabling the government to meet its debt obligations without resorting to the Central Bank’s Ways and Means advances.
This shift addresses previous concerns regarding fiscal responsibility and inflation, showcasing positive changes in the country’s financial management.
The finance minister underscored that these favorable economic indicators reflect the current administration’s commitment to sustainable economic growth and fiscal prudence.
The government plans to maintain this momentum to secure long-term economic stability and prosperity for all Nigerians.
One Year in Office: Nigeria’s Economy Experiencing Growth – Federal Government Declares
