Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the government’s economic reforms have resulted in a net inflow of $16.45 billion into the country’s foreign reserves in the first seven months of the year. Speaking at the 2024 Access Bank Annual Corporate Forum in Lagos, he emphasized plans to support 360,000 farmers to combat food inflation and aid economic recovery.
Edun stated that the reforms are starting to show positive outcomes, citing improved macroeconomic stability, stable exchange rates, increased government revenue, and a positive trade balance. He noted the gradual elimination of multiple exchange rates and an increase in foreign exchange liquidity.
The Minister highlighted that government revenues are growing, with current figures historically low, including a tax-to-GDP ratio of around 10 percent. He mentioned efforts to increase crude oil production as a fiscal buffer, aiming for a target of 2 million barrels per day by the end of 2024.
On food security, Edun announced the government’s initiative to fund farmers to cultivate 360,000 hectares of land by January 2025, emphasizing the importance of agriculture for industrialization and local refining of petroleum products as critical steps toward economic development.