Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) will soon commence.
Edun, who was speaking at the Nigerian Investor Forum, which is holding on the sidelines of the IMF/World bank spring meetings in Washington DC, explained that the recent rejigging of the management of the NNPCL was part of the cleansing the Federal Government had taken to audit the company
Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the Minister outlined critical reforms the Federal Government had implemented to reset the economy and restore confidence.
Edun told the foreign investors that the government, through its various reforms, had laid the foundation that would make the country the desired destination for private investors as he said the country was on the road to 7 per cent annual growth, calling for investments in infrastructure, manufacturing, and agriculture.
This is as the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said Nigeria’s economy was on a path of stabilisation and recovery following months of tough but necessary reforms.
The minister of Finance and CBN governor both spoke with global investors at a high-profile investment forum in Washington DC on Tuesday.
Edun said the administration of President Bola Tinubu had implemented foundational reforms that were now yielding results, with the Nigerian economy expanding 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year.
“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this.”
On his part, Cardoso credited orthodox monetary policy and institutional resilience for the country’s improving macroeconomic indicators.
“The numbers speak for themselves. The difficult reforms that have been undertaken have begun to bear fruit. Orthodox monetary policy was a road we chose deliberately, and we had no intention of compromising on it.”
Edun emphasized the significance of the reforms, noting they are “unprecedented” and have drawn praise from multilateral partners during ongoing discussions in Washington. “We said we would do it, and now we have done it. This time, we’re staying the course.”
He noted that with macroeconomic stability gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilizing exchange rate.
Edun said the government was now shifting its focus to targeted sectoral growth.
According to him, the government had on top of its list Agriculture as it is in the entire value chain, with the twin goals of boosting food security and enhancing productivity.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
On infrastructure, the minister disclosed the rollout of 90,000km of fibre optic cable to enhance digital connectivity, a move seen as critical to empowering Nigeria’s youth and tech entrepreneurs.
In addition, 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery, he added.
[Channels TV]
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