The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed optimism about Nigeria’s economic trajectory, noting a slowdown in food inflation and an increase in government revenues.
Speaking from Washington DC, where he is attending the IMF-World Bank Spring Meetings alongside CBN Governor Olayemi Cardoso, Edun highlighted the progress made by the new administration’s policies.
Edun emphasized that the Economic Team of President Bola Ahmed Tinubu is here to showcase the progress so far of his bold, courageous, and strategic reforms of the Nigerian economy in order to stabilize and stimulate investment for growth.’
He pointed out the positive trends in stabilizing exchange rates and inflation, citing recent data indicating a slowing rate of increase in food inflation. However, he acknowledged challenges such as high food prices and the impact of recent government policies on the economy.
Despite these challenges, Edun remains optimistic about the direction of the economy, highlighting the government’s commitment to implementing necessary reforms for sustainable growth.
In related news, the National Bureau of Statistics (NBS) reported a decline in food inflation for March 2024, standing at 3.62%, compared to 3.79% in February 2024. However, year-on-year food inflation increased to 40.01%, reflecting ongoing economic challenges.
