Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the economic reforms introduced by the administration of Bola Ahmed Tinubu are beginning to stabilise the nation’s economy, with inflation easing and economic growth gradually improving.

Edun made this known on Wednesday while speaking during an interview on Politics Today on Channels Television.

According to him, the administration took difficult but necessary decisions to address long-standing distortions in the Nigerian economy, particularly through the removal of fuel subsidy and the adoption of market-driven foreign exchange pricing.

He explained that the reforms have helped restore macroeconomic stability.

“The key to having removed major distortions, which President Tinubu has courageously done, is that we now have market pricing of foreign exchange and market pricing of petroleum products. That has helped stabilise the economy, brought down inflation and strengthened the country’s reserves,” Edun said.

The minister added that Nigeria’s economy is currently growing at about four per cent annually, noting that the Federal Government is targeting seven per cent growth in the short term to significantly reduce poverty and create more jobs.

On plans to strengthen the finance ministry, Edun welcomed the proposed appointment of tax expert Taiwo Oyedele as Minister of State for Finance, describing him as a professional with vast experience in tax policy and fiscal reform.

“We are very well aware of his capacity, his energy and his commitment to this government. As soon as he is screened and sworn in, he will roll up his sleeves and join us,” he said.

Edun further disclosed that the government is intensifying efforts to boost revenue through technology-driven reforms, including automation, digitisation and the use of artificial intelligence to improve tax administration.

The minister, however, acknowledged that despite improvements in macroeconomic indicators, many Nigerians are yet to feel the impact in their daily lives.

He explained that the government’s long-term strategy focuses on expanding economic growth and strengthening social protection for vulnerable households.

According to him, about 10 million households—representing roughly 50 million Nigerians—are currently benefiting from the Federal Government’s direct cash transfer programme.

“These payments serve as a social safety net. Even if the amounts are small, direct payments allow households to decide how best to spend the money,” Edun said.

He added that Micro, Small and Medium Enterprises (MSMEs), which account for about 85 per cent of private sector activity in Nigeria, remain central to the administration’s economic policy.

Edun said the government is working to provide more financing opportunities for small businesses, noting that the sector plays a critical role in job creation and economic expansion.

Speaking on global developments and rising tensions in the Middle East, the minister maintained that the Federal Government would not return to price controls on petrol despite possible volatility in global oil markets.

He reiterated the administration’s commitment to market-based pricing for petroleum products and foreign exchange.

“Rather than reverting back and taking a backward step, we will look at every other measure that can help reduce the cost of living for Nigerians without resorting to non-market pricing,” he said.

To mitigate the impact of rising fuel prices, Edun said the government is expanding its Compressed Natural Gas (CNG) programme, including plans to distribute about 100,000 additional conversion kits to motorists.

He also noted that Nigeria’s domestic refining capacity—particularly the refinery built by billionaire industrialist Aliko Dangote—would strengthen the country’s energy security and help cushion external shocks.

According to him, Nigeria’s daily petrol demand is estimated at about 50 million litres, which local refiners are expected to meet.

Despite the progress recorded so far, Edun warned that global economic developments, including geopolitical tensions and inflationary pressures, could still affect Nigeria’s economy.

He said the government’s Economic Management Team is closely monitoring the situation and reviewing policy options to sustain economic gains and reduce the cost of living for Nigerians.

“There are no guarantees, but what we can guarantee is that we are focused on protecting the gains that have been achieved so far,” he added.

Edun also called on Nigerians and foreign investors to take advantage of emerging opportunities in the country, assuring that the government is creating a level playing field for investment and economic growth.