By Daniel Peters.
Nigeria is setting its sights on a robust 7% economic growth rate and large-scale job creation, despite facing a volatile global economic landscape.
The Federal Government’s ambitious targets were outlined by the Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the close of the 2025 IMF and World Bank Spring Meetings in Washington, D.C.
Edun highlighted that although the global economy is grappling with high debt levels, rising interest rates, and geopolitical tensions, Nigeria’s economic outlook remains optimistic, underpinned by ongoing reforms and policy stability.
“Despite global challenges, Nigeria is resolutely advancing reforms to foster economic growth. Our focus is on generating sustainable jobs for young Nigerians, which is supported by strategic investments in digital infrastructure, data access, and fiber optic networks,” Edun said.
He pointed out that Nigeria’s economic transformation is largely driven by efforts to bolster private sector participation and enhance domestic revenue generation. “By crowding in the private sector and pushing for stronger domestic revenue mobilisation, we are creating a conducive environment for business growth and economic stability,” he added.
The Minister emphasized that the administration of President Bola Ahmed Tinubu is effectively executing an economic strategy that has been internationally recognized, with both the IMF and the World Bank applauding Nigeria’s fiscal, monetary, and structural reforms.
“At both the IMF and the World Bank, Nigeria’s comprehensive reform programme is being acknowledged as strategically sound. We remain confident that despite global uncertainty, our reforms will drive inclusive and resilient growth,” Edun affirmed.
Edun also outlined the government’s pragmatic approach to fiscal planning, emphasizing that Nigeria’s budget serves as a “statement of intent,” which must be recalibrated regularly to align with current economic conditions and available resources.
Contributing,the Central Bank Governor, Mr. Olayemi Cardoso, reaffirmed the country’s commitment to tackling inflation, which remains a key obstacle to economic welfare. “Our goal is to bring inflation down to single digits over the medium term, as we understand its disruptive impact on Nigerians’ daily lives,” Cardoso noted.
Cardoso also referenced growing investor confidence in Nigeria, citing a recent high-level investment forum held at the Nasdaq Market Site in New York, which showcased the country’s reform momentum and attracted interest from both global investors and the Nigerian diaspora.
Our correspondent reports that Nigeria’s delegation to the Spring Meetings was led by Mr. Wale Edun and include key officials such as Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), as well as representatives from the Ministries of Finance, Communications, Innovation, and Digital Economy, and the Debt Management Office (DMO).
Edited by Dada Ahmed.
