Nigeria’s economic stabilization efforts gained momentum as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, endorsed the Central Bank of Nigeria’s (CBN) ongoing monetary reforms.
Edun, speaking at the CBN’s Monetary Policy Forum themed Managing the Disinflation Process, reaffirmed President Bola Ahmed Tinubu’s commitment to aligning fiscal and monetary policies for sustainable growth.
Praising the CBN’s strides in restoring monetary credibility, the minister highlighted the transformation of Nigeria’s foreign exchange regime from a system of preferential allocations to a more transparent, market-driven mechanism. He noted that this shift has improved investor confidence and provided rating agencies with a clearer economic outlook.
On inflation control, Edun reiterated his support for the CBN’s anti-inflationary measures, emphasizing the importance of accurate economic data across government institutions to ensure transparency and consistency in policy implementation.
Additionally, the minister stressed the need for structural reforms in agriculture to boost food supply and curb inflationary pressures. He warned that inconsistent policies create economic uncertainty, which erodes market confidence.
Edun assured that the Finance Ministry would fully support the CBN’s policy direction, emphasizing that a well-coordinated approach between fiscal and monetary authorities is key to Nigeria’s long-term economic stability.
His endorsement signals a unified government strategy to tackle economic challenges and enhance Nigeria’s position as a competitive economy.