President Bola Ahmed Tinubu is taking bold steps to move millions of Nigerians out of poverty, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Edun made this declaration on Monday during the opening ceremony of the 2024 National Council on Finance and Economic Development (NACOFED) conference in Bauchi State.
The conference, themed “Fostering Economic Growth in Challenging Times: Strategies for Policies and Partnership for Fiscal Sustainability & National Development,” brought together key stakeholders to discuss Nigeria’s economic future.
Ending Subsidy Bleeding
The minister emphasized that Tinubu’s administration is focused on stabilizing the economy and undoing years of inefficiency.
He highlighted the removal of fuel and foreign exchange subsidies as a pivotal reform.
“President Tinubu has stopped the bleeding that was costing five percent of the GDP annually and only benefitted a few people and neighboring countries,” Edun said.
He explained that the subsidy system did little to improve the lives of most Nigerians.
“These reforms ensure that resources previously wasted will now benefit the federation account, empowering federal, state, and local governments to invest in infrastructure, education, and health,” he added.
Attracting Investments
Edun said Tinubu’s government is committed to boosting productivity by attracting investments.
“President Tinubu is working hard to get private sector investors, both domestic and foreign, to grow the economy, create jobs, and lift millions out of poverty,” the minister stated.
He added that the administration is focused on creating a stable and sustainable macroeconomic environment.
This, he said, would enable investors to produce competitively for the local market and also for export.
Local Refining for National Growth
The minister also highlighted progress in the petroleum refining sector as a key component of economic recovery.
He stated that crude oil is now being refined locally, reducing dependency on imports and creating raw materials for industries.
“Nigeria is back on the road to industrialization,” Edun declared confidently.
He urged Nigerians to stay optimistic, emphasizing that the new economic policies are already setting the stage for long-term growth.
Bauchi’s Role in Economic Dialogue
Governor Bala Mohammed of Bauchi State welcomed delegates to the conference, calling it a privilege to host such an important national event.
He underscored the significance of collaboration in addressing the country’s economic challenges.
“Your presence here proves your commitment to advancing Nigeria’s financial and economic landscape,” Mohammed said.
The governor assured participants that Bauchi spared no effort to make the event a success.
“I urge all participants to contribute constructively to the benefit of all Nigerians,” he added.
A Path Toward Fiscal Sustainability
The conference theme reflects the pressing need for strategic policies and partnerships to navigate Nigeria’s economic challenges.
Edun said the government’s commitment to reform is yielding positive results.
He reassured Nigerians that the new policies would pave the way for a robust and industrialized economy.
“The road is clear for private sector investors, and Nigeria is once again a competitive hub for business,” Edun concluded.
