The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that a series of government-led structural reforms have resulted in over $7 billion in new investment for the nation’s oil and gas industry.
Speaking at a recent event in Lagos, Edun explained that the government’s reform agenda, which spans various sectors including energy, logistics, and education, has begun to yield positive economic outcomes.
He pointed to the substantial capital influx into the oil and gas sector as direct evidence of the reforms’ success.
According to the minister, this economic momentum is reflected in the country’s recent growth figures. Nigeria’s Gross Domestic Product (GDP) expanded by 3.1% in the first quarter of 2025, a notable increase from the 2.4% growth recorded during the same period in 2024.
He stated that this growth was “broad-based,” with significant contributions from trade, telecommunications, and construction, as well as an improved performance in the agricultural sector.
Edun also highlighted the declining reliance on the oil and gas sector, which now accounts for less than 4% of the nation’s GDP, signaling a move toward economic diversification.
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On the macroeconomic front, Edun noted that inflation has been on a downward trajectory for four consecutive months. He also said that Nigeria’s external reserves have grown to $42 billion, a significant increase from two years ago.
The minister credited the removal of the petrol subsidy, which previously consumed approximately 5% of the GDP, for the improved fiscal health of the government.
While acknowledging that interest rates remain high as a tool to combat inflation, Edun expressed optimism that they will soon begin to fall as progress is made in controlling price increases.
He also credited President Bola Tinubu with demonstrating strong leadership and the political will to consistently implement these policies.
