Edun unveils next phase of Tinubu’s economic reforms, targets 7% growth by 2027

Edun unveils next phase of Tinubu’s economic reforms, targets 7% growth by 2027

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has outlined the next phase of President Bola Tinubu’s economic reform agenda, aimed at accelerating national growth to 7% annually by 2027 and achieving a $1 trillion economy by 2030.

Speaking at the Federal Executive Council (FEC) meeting held Thursday at the State House, Abuja, Edun said the upcoming reforms will focus on dismantling investment barriers, optimizing national assets, and boosting productivity across critical sectors.

“The next phase of reforms will remove barriers holding back investors,” Edun stated. “We will review tariffs and import restrictions to stimulate productivity and investment. A detailed review of the Federation and Federal Balance Sheets is underway to optimize asset management for inclusive growth.”

The Minister emphasized that sectoral collaboration will be key, urging ministers in charge of infrastructure, mining, education, health, agriculture, blue economy, digital innovation, and culture to work with state governments in packaging investment-ready projects capable of attracting large-scale domestic and foreign capital.

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Edun described the 7% growth target not merely as an economic benchmark but as a “moral imperative to end poverty.”

Providing an update on Nigeria’s economic performance, Edun revealed that GDP grew by 4.23% in Q2 2025—the highest in a decade outside the COVID-19 rebound—with 13 sectors recording growth above 7%. The industrial sector nearly doubled its growth rate from 3.72% to 7.45%, signaling renewed investor confidence.

He also reported that inflation eased to 18% in December, external reserves climbed to $43 billion, and trade surplus surged to ₦7.4 trillion, all pointing to improved macroeconomic stability.

Highlighting global investor sentiment, Edun noted that Nigeria’s recent $2.35 billion Eurobond issuance was oversubscribed by over $13 billion, reflecting strong international confidence in the country’s economic trajectory and Tinubu’s leadership.

“The market shrugged off political considerations and focused on the economic fundamentals of Nigeria,” he said.

Edun further cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list and the IMF’s revised growth forecast as evidence of global endorsement of the administration’s reforms.

He concluded by stressing the importance of prudent fiscal management: “Every naira must be optimised to sustain momentum amid global liquidity constraints. With less coming from multilateral institutions, we must depend on our own resources.”

Edun unveils next phase of Tinubu’s economic reforms, targets 7% growth by 2027