Nigeria’s economic reforms under President Bola Tinubu are gradually shifting the country from a cycle of economic vulnerability to a more stable, growth-focused trajectory, the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, said.

A statement by the head of the Information and Public Relations unit of the Ministry of Finance, Efe Ovuakporie, quoted Edun as saying this during the Spring Meetings of the World Bank and the International Monetary Fund (IMF) in Washington, D.C., the United States.

Edun clarified that the policy measures implemented since mid-2023, when the administration assumed office, are not short-term solutions but enduring structural reforms that can endure and bolster the economy’s resilience to external shocks.

Edun observed that the international economic setting remains highly uncertain, as ongoing export tensions, trade disruptions and tighter financial conditions continue to affect economies worldwide.

He said Nigeria’s strategy is grounded in credible, disciplined macroeconomic management aimed at creating sustainable prosperity.

He stated that key reforms such as shifting to a market-driven foreign exchange system and deregulating fuel prices are beginning to restore balance and address long-standing distortions in the economy.

He argued that the measures are already enhancing Nigeria’s ability to handle external shocks.

On inflation, Edun acknowledged that pressures remained, largely driven by energy costs, food prices and logistics challenges.

However, he noted that the government was responding through targeted social protection programmes and ongoing agricultural interventions to cushion the impact on citizens.

The minister emphasised that maintaining fiscal discipline is key to the reform process, highlighting a shift away from ineffective subsidy systems and a renewed emphasis on careful resource management.