Davos, Switzerland (Jan 23) – Nigeria must double its economic growth rate from 3.5% in Q3 2024 to at least 7% within the next year or two to lift millions out of poverty, Finance Minister and Coordinating Minister for the Economy, Wale Edun, said on Thursday at the World Economic Forum in Davos.
Thank you for reading this post, don't forget to subscribe!Following a year of challenging economic reforms that spiked inflation, Edun affirmed that the country is now on a growth trajectory. He highlighted the importance of increasing private investment to drive economic expansion, saying, “It’s a steady trickle now. What we want is a stream and, at the end of the day, a flood of investment.”
In Davos, Edun met with business leaders across sectors including consumer goods, food and beverages, financial services, and infrastructure to attract investment. Nigeria is prioritizing private sector-led growth over borrowing to tackle unemployment, double-digit inflation, and a high debt burden.
President Bola Tinubu has pledged to grow the economy by 6% annually, unify the exchange rate, create jobs, and address insecurity. Key reforms, including the removal of a costly petrol subsidy and lifting foreign exchange restrictions, have strained consumers through high inflation. However, Edun expressed optimism that Nigerians will soon move past the cost-of-living crisis.
Central Bank Governor Olayemi Cardoso projected a 4.17% economic growth rate for 2025, supported by ongoing reforms and stabilizing inflation.
