Wale Edun: Nigeria’s economy on steady path to recovery despite soaring inflation rate

Wale Edun, minister of finance and coordinating minister of the economy, says despite elevated inflation, Nigeria’s economy is on a steady path to recovery and growth.

Edun spoke on Monday in Abuja during the 2025 budget defence session before the senate committee on finance.

On January 15, the National Bureau of Statistics (NBS) said Nigeria’s inflation rate rose to 34.80 percent in December 2024 — up from 33.60 percent in November.

The surge was the fourth consecutive increase.

Edun said inflation undermines economic reforms and growth efforts, making it a critical focus for the government in 2025 and beyond.

“Perhaps the biggest issue with stabilising our economy is to reduce inflation and keep it low,” he said.

“We are clear that very significant progress will be achieved in this regard in the months ahead.

“If nothing else, we expect the downward path of fuel prices, a major element in stoking higher prices, to continue.”

He also said the liberalisation of the foreign exchange market, deregulation of petroleum pricing, and expansion of domestic refining capacity have been pivotal in stabilising the economy.

“These reforms, though challenging in the short term, will yield long-term benefits, including job creation, poverty reduction, and greater economic resilience,” Edun said.

He also said the government’s focus on infrastructure development, particularly in digital networks and energy, will enhance productivity and attract private sector investments. 

The minister reiterated the administration’s commitment to providing a foundation for sustained economic growth and improving the standard of living for Nigerians.

During the session, the committee approved the ministry of finance’s N38 billion budget for 2025.

The committee commended the ministry’s leadership for its dedication to fiscal discipline and efforts to revive the economy.