The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, outlined an ambitious economic reform agenda aimed at reducing inflation, creating jobs, and fostering growth across key sectors during the 30th Nigeria Economic Summit (NES30) held in Abuja on Tuesday.
Edun emphasized the government’s focus on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy. He highlighted that enhancing agricultural productivity and food security is essential for tackling poverty and lowering the current high inflation rate.
To bolster agricultural efforts, Edun announced that the government is collaborating with the African Development Bank (AfDB) to establish agricultural processing zones, which will ensure a steady supply of raw materials for domestic industries.
Addressing the issue of housing affordability, the minister revealed plans for a new mortgage scheme offering near-single-digit interest rates on loans with terms extending up to 25 years. “This initiative aims to spark a construction boom by increasing access to affordable housing, a critical area for job creation and economic growth,” he stated, noting that this effort would be pursued in partnership with the private sector.
Edun also reported that recent reforms have attracted significant investments, including an additional $10 million from ExxonMobil and other industry players, reinforcing the oil sector as a crucial avenue for foreign exchange and global revenue.
In the manufacturing sector, he indicated that the government would introduce new tax incentives and offer cheaper funding options to stimulate growth and investment.