ABUJA, Nigeria (BG) — Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has endorsed the Central Bank of Nigeria’s monetary policy reforms, stressing the importance of a stable and transparent economic framework.
Speaking at the central bank’s Monetary Policy Forum last week under the theme “Managing the Disinflation Process,” Edun emphasized the government’s commitment to economic stability through coordinated fiscal and monetary policies.
Edun commended the shift to a more transparent foreign exchange system, moving away from preferential allocations to a market-driven approach.
He noted that this transition has boosted investor confidence and improved Nigeria’s economic credibility with global rating agencies.
Regarding inflation control, the minister reiterated his support for the central bank’s policies to contain price increases and ensure macroeconomic stability.
He emphasized the importance of consistent data across government institutions to enhance transparency and facilitate sound economic planning.
Edun also highlighted the need for structural reforms, particularly in the agricultural sector, to boost food production and mitigate inflationary pressures.
The minister cautioned against policy inconsistencies, warning that uncertainty could weaken market confidence.
He reiterated the government’s full support for the central bank’s monetary policy, stressing that a unified approach between fiscal and monetary authorities is critical for Nigeria’s long-term economic growth.
According to the World Bank, if macroeconomic reforms are sustained and expanded, they could create a new platform to ignite growth and reduce poverty.
Ongoing reforms are boosting international competitiveness, increasing Nigeria’s attractiveness for domestic and foreign investments, and beginning to reduce debt-related fiscal risks while reopening fiscal space.
Recent reforms offer a launching pad for a new social compact for Nigeria’s development.
Strengthening macroeconomic fundamentals will allow structural reforms to continue and help restore economic growth.
