Nigeria – Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, yesterday revealed that the forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) was underway.
Also, as the ripple effects of United States’ reciprocal tariffs continue to reverberate across the globe, causing uncertainties, Edun asserted that the cocktail of reforms introduced since President Bola Tinubu assumed office has placed the economy in a stronger position than anticipated to absorb potential shocks.
This was as the Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said the apex bank’s return to orthodox monetary policy was beginning to yield results, citing gains in macroeconomic stability, investor confidence, and improvements in Nigeria’s global credit ratings.
Equally, the International Monetary Fund (IMF) advised Nigeria to consolidate its recent reforms by prioritising efficiency in public spending and committing to prudent fiscal policies.
Also yesterday, the World Bank Group announced the appointment of the President of the Dangote Group, Alhaji Aliko Dangote, into its Private Sector Investment Lab (PSIL), as the multilateral institution transitions into a new phase focused on implementing large-scale, job-generating investments in emerging markets.
Edun and Cordoso made the remarks during the Nigeria Investment Forum, which had in attendance foreign investors and some global investment bankers from JP Morgan, Citibank, Standard Chartered Bank, Chapel Hill Denham, Kirkoswald Capital, among others, held on the sidelines of the ongoing World Bank/IMF Spring Meetings in Washington D.C.
Responding to a question on the oil sector, Edun said: “There is an NNPC audit underway so that we can really understand what has happened in the past. As for now, some reconciliation exercises are going on, because the truth is, as we all know, the removal of the fuel subsidy was announced on May 29, 2023, but it took time to achieve it, and in the meantime, part of that burden shifted from the government’s budget to NNPCL.
“So, there’s a reconciliation underway. And the most important thing is that the NNPC needs to come to the table with more oil production, more revenue, dollar revenue, and indeed, more revenue to the Federation. That’s the task and mandate have been given. And I think we I think they will deliver.”
Speaking further, the Finance Minister listed the raft of targeted reforms under the current administration to include fuel subsidy removal, foreign exchange liberalisation, reset of monetary policy, elimination of Ways and Means, among others.
Edun explained: “First, regarding the global uncertainty and market shocks, Nigeria hasn’t suffered from the same reciprocal-type regime pressures as other economies because ours has been paused. As the Central Bank Governor noted, we’re in a better position today due to the reforms and progress we’ve undertaken.”
“In Nigeria, I believe we can attract private sector investment. The progress we’ve made so far is significant, and our near-term priorities are taking shape amid widespread macroeconomic uncertainty around the globe.
“Under the leadership of the President, we have successfully implemented reforms that are quite unprecedented. These are reforms we’ve spoken about for years; reforms we promised we would complete, and this time, we stayed the course. Now we can confidently say that we have implemented difficult but necessary reforms.”
According to him, the fuel subsidy was a major reform, which he stressed was about five percent of the country’s Gross Domestic Product (GDP).
“This, combined with the reforms on the monetary side, such as putting in place efficient market systems and enabling price discovery, not just in foreign exchange, but also in petroleum products, has created the foundation for renewed industrialisation in Nigeria.
“We are targeting seven per cent annual growth, and this is a commitment President Tinubu is serious about. We believe that level of growth is essential to lift millions of Nigerians out of poverty.”
He added: “We are pushing for inclusive growth. With macroeconomic stability largely restored, we are expanding our focus on agriculture, infrastructure, especially digital and finance. This includes crowding in the private sector at a time of constrained fiscal space. By addressing agriculture, infrastructure, and financial access, we believe Nigeria is now firmly on the path towards a seven per cent annual GDP growth exactly where we need to be.”
By Damilola Adeleke | April 24, 2025
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
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