Nigeria’s Economy on Steady Rise, Says Edun
By Shalom Ikuvbogie
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says Nigeria’s economy is on a firm path of recovery, recording its strongest growth in ten years outside the post-COVID rebound.
Edun, who briefed State House correspondents after the Federal Executive Council meeting in Abuja on Wednesday, said the nation’s Gross Domestic Product grew by 4.23 percent in the second quarter of 2025. He described the figure as proof that ongoing economic reforms are yielding positive results despite global and domestic challenges.
He explained that thirteen key sectors recorded growth of over seven percent, up from nine sectors in the previous quarter. The industrial sector, he added, almost doubled its growth rate, rising from 3.72 to 7.45 percent, driven by improved productivity and renewed investor confidence.
Edun noted that inflation dropped to 18 percent last December, while foreign reserves rose above $43 billion, and the trade surplus hit N7.4 trillion — signs, he said, that the economy’s external strength is improving.
He also pointed out that consumer spending patterns have shifted positively, with Nigerians now spending about half of their income on basic needs compared to nearly 90 percent in the past — a sign, he said, of improving living standards.
The minister highlighted Nigeria’s removal from the Financial Action Task Force grey list as a major boost for investor confidence, adding that international bodies like the IMF and World Bank have raised the country’s growth outlook in recognition of its reform progress.
President Bola Tinubu, responding after Edun’s presentation, said the government’s determination to sustain reform efforts remains unshaken. He expressed satisfaction with the oversubscription of Nigeria’s recent $2.3 billion Eurobond, describing it as evidence of global confidence in the country’s economy.
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“Despite the political headwinds and fears, our partners continue to show faith in Nigeria’s fundamentals. The task ahead is great, but we will move forward with unity and purpose,” Tinubu said.
Earlier, the President swore in two new ministers at the Council Chamber — Dr. Kingsley Udeh from Enugu State and Dr. Bernard Doro from Plateau State. Udeh replaces Uche Nnaji, who resigned as Minister of Innovation, Science and Technology, while Doro takes over from Professor Nentawe Yilwatda, now National Chairman of the APC.
Edun, who recently returned to work after a brief illness, thanked the President and cabinet members for their support, assuring that the economic team remains focused on building a stronger and more inclusive economy that creates jobs and reduces poverty.
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