Nigeria’s economy is showing promising signs of growth, which could lead to a significant decrease in the country’s high inflation rate in the coming months, according to Wale Edun, the Coordinating Minister of the Economy and Minister of Finance. Edun discussed these developments during his appearance on Channels Television’s Politics Today.
The National Bureau of Statistics (NBS) recently reported that Nigeria’s inflation rate rose to 33.20 percent in March 2024, up from 31.70 percent in February. Additionally, food inflation climbed to 40.01 percent in the same period.
Despite these figures, Edun emphasized that the situation is improving due to the economic policies and reforms implemented by President Bola Tinubu. He highlighted that the President’s efforts have led to relative growth and stability within the first year of his administration.
Edun noted that President Tinubu’s administration has successfully balanced necessary measures to combat inflation with strategies to maintain economic growth. “The government’s actions have led to increased interest rates aimed at combating inflation and attracting foreign currencies, and these efforts have been successful,” Edun said. “We anticipate that inflation will start to decrease over the next few months.”
He highlighted the rarity of achieving both goals simultaneously—reducing inflation while fostering economic growth. “Quarterly comparisons show the economy growing at almost 3 percent annually above population growth, compared to around 2 percent last year,” Edun added.
Edun stressed the importance of continuing on this path and providing support across various sectors. “We need to stay the course,” Edun said. “Assistance must be extended to farmers, consumers, and small and medium-sized businesses. By Monday, the economic stabilization plan, which addresses the challenges faced by large businesses and industries, will be presented to the President. This will help them stabilize, resume investments, create jobs, and further grow the economy.”
Edun’s remarks suggest that Nigeria’s economic outlook is positive, with the potential for reduced inflation and sustained growth in the near future.
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