Nigeria’s Economy Witnessing Turnaround

Nigeria’s Economy Witnessing Turnaround – Finance Minister Edun
…Eurobond Oversubscribed
As FEC approves $396m loans for IDPs

Nigeria’s economy is undergoing a significant turnaround driven by fiscal and monetary reforms introduced by President Bola Ahmed Tinubu’s administration.

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Eko Hot Blog reports that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this while briefing journalists after Wednesday’s Federal Executive Council (FEC) meeting, chaired by the President at the State House, Abuja.

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Edun cited exchange rate stability, correction of market distortions, and renewed investor confidence as key factors driving the recovery.

“As at the second quarter, the economy was well and truly turned around in terms of growth. Growth was accelerating over 4.2 percent while inflation was down to 18 percent,” he stated.

According to him, critical consumer indicators show that Nigerians are now spending less of their income on essentials such as food, health, and transport.

“People are now spending about 50 percent of their income on basic needs compared to 90 percent before. There is more affordability, and the cost of living is inching downwards,” Edun said.

The Minister described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major institutional achievement, restoring the nation’s standing in the global financial system and lowering cross-border transaction costs.

Nigeria’s Economy Witnessing Turnaround - Finance Minister Edun

He also highlighted the recent oversubscription of Nigeria’s $2.35 billion Eurobond offer, which attracted over $13 billion in bids, as evidence of growing global confidence in the government’s reform agenda.

“Despite recent political headwinds, investors focused on the fundamentals of the Nigerian economy. The oversubscription shows a resounding vote of confidence in Nigeria,” he added.

On new financial approvals, Edun announced that the FEC approved two external loan facilities totalling $396 million to support humanitarian and health interventions in northern Nigeria.

The first, a $300 million World Bank credit, will provide assistance to internally displaced persons (IDPs) and host communities across several northern states.

The second, a $96 million combined credit from the Islamic Development Bank (IsDB) and African Development Bank (AfDB), $50 million and $46 million respectively will fund the Sokoto Health Infrastructure Project, with the Sokoto State Government contributing counterpart funding.

“These projects align with President Tinubu’s Renewed Hope Agenda, aimed at addressing regional disparities, improving healthcare access, and rebuilding communities affected by conflict,” Edun explained.

Also briefing journalists, the Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa, announced FEC’s approval of a Presidential Task Force on “Detty December.”

According to her, the initiative will coordinate federal agencies to support Lagos State and other destinations in hosting world-class cultural and tourism events during the festive season.

“The Task Force will harmonise efforts across aviation, interior, and power ministries to make Nigeria a global destination for Detty December,” Musawa said, adding that it would serve as a catalyst for tourism and creative industry growth.

She further disclosed that the Council approved the establishment of a Presidential Council on Tourism Promotion and Investment, chaired by President Tinubu, with Musawa as vice chair.

“This Council will build Nigeria’s global image, showcasing our unity, stability, and creative excellence,” she added.