Abuja: The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the Nigerian economy is experiencing consistent growth. This positive trend is attributed to global developments and ongoing domestic reform programs, as stated during a news conference held in Abuja.
According to News Agency of Nigeria, Edun highlighted that Nigeria’s gross revenues saw a substantial increase of 37.4 percent in the first half of 2025. The minister outlined a medium-term goal of achieving a seven percent annual Gross Domestic Product (GDP) growth, propelled by government and private investments, job creation, and higher incomes. To reach this target, Nigeria is focusing on critical sectors and expanding Public Private Partnership (PPP) arrangements across agriculture, education, health, manufacturing, technology, and infrastructure.
The minister further explained that since the first half of 2023, the combined fiscal balance of the states improved from 1.8 percent of GDP to 3.1 percent, translating to a surplus from N2.8 trillion to over N7.1 trillion. This surplus allows states greater capacity for investment, primarily directed towards capital expenditure, aligning with the desired type of spending and growth.
In the oil and gas sector, Edun reported that the average production in the first half of 2025 was 1.67 million barrels per day, falling short of the budgeted 2.06 million barrels. The average crude price was budgeted at 75 dollars per barrel, while the current average price is 67 dollars per barrel. Despite the revenue shortfall, Nigeria maintained compliance with the OPEC quota and prioritized sectors that directly benefit citizens and support growth ambitions.
Regarding the power sector, Edun noted that there had been no national grid collapse in 2025. He mentioned that all approvals were in place to liquidate four trillion Naira legacy debts and implement a sustainable framework under the Electricity Act. This initiative, supported by the World Bank and the African Development Bank, aims to provide electricity connectivity to 300 million additional Africans, with Nigeria being a key beneficiary.
The minister reiterated the federal government’s commitment to a coordinated fiscal and monetary policy framework to substantially and sustainably reduce inflation. This approach aims to enable cheaper capital for businesses and enhance purchasing power for households. Under President Bola Tinubu’s administration, there is a strong commitment to transparency and consistent, data-driven communication to build public trust and inform citizens about government decisions.
Edun emphasized that Nigeria is open for business, with stable macroeconomic conditions conducive to planning and investment. The government continues to promote private investment across various sectors while maintaining fiscal discipline to invest wisely in education, health, and infrastructure, driving long-term productivity and inclusive growth. The minister concluded by affirming the commitment to building an economy that works for everyone with transparency and resilience.