Nigeria’s Finance Minister, Wale Edun, has firmly declared that there will be no reversal of President Bola Tinubu’s recent reforms in the foreign exchange and oil subsidy sectors.
Edun, who also serves as the Coordinating Minister of the Economy, made this clear on Monday while welcoming Doris Uzoka Anite, the newly appointed Minister of State for Finance, to her new position at the Ministry of Finance headquarters in Abuja.
“We now have a foreign exchange rate that is market-based, along with deregulated oil market pricing—two reforms that Nigeria has needed for decades,” Edun announced with conviction.
According to Edun, these reforms, which President Tinubu is pushing forward, are essential for moving Nigeria’s economy onto a path of sustainable growth and stability.
“These reforms are critical,” Edun said, emphasizing that they mark a “new dawn” in Nigeria’s economic journey.
The minister explained that these changes aim to drive productivity, generate employment, and reduce poverty across the nation.
“We stand on a threshold of a new dawn to implement these reforms and increase productivity, create jobs, and reduce poverty,” Edun stated passionately.
He also praised Anite for joining the ministry, stating that her role would be invaluable in helping the government actualize the President’s economic vision.
The statement comes amidst ongoing debates and challenges related to Nigeria’s foreign exchange and oil subsidy policies.
In June, President Tinubu removed the fuel subsidy, a decision that sparked mixed reactions nationwide.
Since then, prices at the pump have surged, affecting both businesses and households.
While some critics argue that the removal of subsidies has worsened economic hardship, government officials maintain that the decision is necessary to stabilize and restructure the economy.
The move toward a market-based foreign exchange rate is another significant change.
Nigeria has long struggled with a dual exchange rate system, where the official rate was substantially lower than the rate available on the parallel market.
This system created opportunities for exploitation and often deterred foreign investors due to a lack of transparency.
By aligning the naira’s value with market realities, Edun claims that the government is creating a more open and attractive environment for investment.
“We now have a transparent, market-based foreign exchange system,” Edun declared.
According to him, this shift will encourage foreign investors, boost the economy, and ultimately contribute to Nigeria’s development goals.
Edun emphasized that collaboration is critical to ensuring the success of these reforms.
He acknowledged that the government cannot achieve its objectives alone and called for strong partnerships with stakeholders across the public and private sectors.
“Consultation and collaboration are key to achieving these reforms,” he stated, calling on businesses, financial institutions, and the international community to work together with the government to support the ongoing changes.
He also mentioned that recent economic policies are already showing “sustainability and signs of success,” a claim that he says reflects the government’s commitment to stability and progress.
In response, Minister of State Anite expressed her full support for the economic vision set out by President Tinubu and Finance Minister Edun.
She affirmed her commitment to working closely with stakeholders from all sectors to ensure that these reforms translate into tangible growth and progress for the Nigerian people.
“I am committed to working with stakeholders in both the private and public sectors to ensure that economic growth is materialized,” Anite said confidently.
