Nigeria, Africa’s largest oil producer, has set a long-term ambitious target of achieving a seven per cent yearly Gross Domestic Product (GDP) growth rate to reduce poverty and sustain national development.
For this year, the economy is projected to grow by 4.6 per cent, setting the foundation for this ambitious goal.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this known at the 2025 KPMG Arise TV Budget News Day. He outlined the government’s economic priorities, including fiscal discipline, revenue mobilization, and an improved investment climate, which are expected to drive the country toward long-term prosperity.
Edun stated that maintaining macroeconomic stability remains a core objective. He pointed out that exchange rate stability, a positive trade balance, and increased oil production are positioning Nigeria as a more competitive global economy.
Nigeria’s foreign reserves he said have now surpassed $40 billion, reflecting investor confidence in the government’s economic policies and financial management strategies.
Edun also spoke about the importance of the private sector in accelerating economic expansion. He stressed that public-private partnerships (PPPs) would play a major role in addressing Nigeria’s $100 billion annual infrastructure investment gap.
Key projects such as the Benin-Asaba Highway and Lagos-Abeokuta Road are expected to be executed under PPP arrangements, reducing travel time and improving national productivity.
Speaking on developments in the oil and gas sector, the Minister stated that domestic refining is now a priority. With the Dangote Refinery taking the lead in local crude petroleum processing, the government expects a sharp decline in fuel imports.
This shift, he said, is expected to strengthen Nigeria’s energy security and enhance economic resilience by keeping more value within the domestic economy.
On fiscal policy reforms, Edun explained that the government is committed to expanding the tax base, streamlining revenue collection, and fostering a business-friendly tax environment.
He noted that a balanced approach to taxation is essential to encouraging investment while ensuring that national priorities receive adequate funding.
Looking ahead, Edun said the government remains focused on economic transformation through policies that drive growth, stability, and increased private sector participation.
