Wale Edun, minister of finance and coordinating minister of the economy, says the federal government is expanding social protection as part of ongoing economic reforms aimed at boosting growth and reducing poverty.
Speaking at the Imo economic summit on Wednesday, Edun said Nigeria is transitioning from a nation of “latent, stagnant potential” to one of “rising opportunity”.
He said the transition is backed by fiscal reforms, which have “expanded revenue inflows and improved allocation to sub-national governments”.
“When opportunity is there, business follows when you put the right framework in place. Our economy is growing, our fiscal capacity is strengthening, our states are empowered, and resourced,” the minister said.
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“Our social protection is expanding, which shows the empathy and the humane approach to governance of Mr. President, his excellency, President Bola Ahmed Tinubu. Our digital, energy and industrial foundations are being rebuilt.”
Nigeria’s social protection initiatives are domiciled with the national social investment programme agency (NSIPA), an organisation strained by allegations of corruption, which led to the freezing of its account in 2024 and the suspension of its leaders.
The freezing of the accounts had since delayed implementation of essential programmes such as the N-Power, conditional cash transfer (CCT), government enterprise and empowerment programme, and the home-grown school feeding initiative.
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On December 2, the house of representatives resolved to investigate the status of funds (valued at N30 billion) recovered by the federal government from the NSIPA.
“Despite the presidential approval lifting the suspension on NSIPA operations on 21st January 2025, the agency has been unable to resume full implementation of its programmes, allegedly due to the non-availability of recovered funds expected to have been released, thereby exposing millions of Nigerians to prolonged socioeconomic distress,” Saidu Abdullahi, an All Progressives Congress (APC) lawmaker from Niger state had said.
Further speaking at the Imo economic summit, Edun said the nation’s growth has risen from about 2 percent before the current administration to around 4 percent per annum — the fastest in a decade.
“The target set for us is 7 percent per annum. Because that is more than double the rate of population growth. It means we will be lifting millions of Nigerians out of poverty,” Edun said.
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“We need scaling of private and public investment to get there, and that is why we are gathered here today.”
Highlighting fiscal outcomes of recent reforms, the minister said states’ allocation has doubled while local governments now receive 66 percent more.
The minister said the federal government is benefiting from the correction of economic distortions, which now ensures revenue flows directly into the treasury.
Edun also said inflation is easing, falling to about 16 percent in October, noting that household spending on basic needs has dropped to 50 percent of income — down from over 90 percent before the reforms.
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“So the clear national objective is to achieve lower inflation for every naira to retain its purchasing power, to have savings growing, because it is not through borrowing that we are going to get the investment,” he said.
‘FG WORKING ON SAVINGS PLAN FOR NIGERIANS’
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The minister announced that the federal government is working on a mass savings plan to allow Nigerians at all levels to save and invest in productive activity.
He said the social safety net reflects Tinubu’s commitment to protect the poorest and most vulnerable, adding that direct transfers to low-income households are being expanded with greater transparency and accountability.
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Edun described Imo’s economic potential as “vast”, stating that the state has the resources and market access required to drive industrialisation.
The economist listed opportunities in manufacturing clusters, agro-processing, pharmaceuticals, packaging and building materials, urging the state to take advantage of its proximity to major markets in the southeast and south-south.
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The minister said young people are central to future growth, citing opportunities in software development, business process outsourcing, creative industries and AI-enabled services.
“The agriculture and the agro-value chain is important. Processing, storing, branding and of course exports. We heard about the cargo export terminal and services. All these add to ease of doing business,” the politician said.
“And as the investors here will tell you, you have to make it easy. You have to make it attractive for them so that they can come invest, increase productivity, grow the economy, create jobs and lift millions in Imo and elsewhere out of poverty.”
Edun called for collaboration among federal, state and local governments, private sector and development partners to turn both Imo and Nigeria’s economic potential into measurable prosperity.
