Finance and economy minister Wale Edun says the ongoing reforms have positioned Nigeria to better withstand external shocks and sustain economic progress.

Mr Edun said that, despite rising global fuel and food prices, government policies are cushioning the impact, maintaining stability, and ensuring that economic reforms continue to deliver long-term benefits for households and businesses, according to a statement on Monday.

Mr Edun is leading Nigeria’s delegation to the International Monetary Fund/World Bank Group spring meetings in Washington.

The minister said that higher crude oil prices, with Bonny Light exceeding $110 per barrel, presented opportunities to boost national revenues, strengthen foreign-exchange earnings, and support fiscal sustainability.

Mr Edun said that proactive measures are being taken to manage rising fuel, diesel, and gas prices, ensure supply stability, mitigate cost pressures, and safeguard economic activities across key sectors of the economy.

He added that Nigeria’s strong policy framework was helping maintain investor confidence, even as global capital flows tighten, positioning the country as an attractive destination for long-term investments.

Mr Edun said that the reforms since 2023, including subsidy removal and exchange rate liberalisation, have strengthened economic fundamentals, improved transparency, and enhanced resilience against global economic disruptions.

The minister also mentioned that oil production has risen to about 1.86 million barrels per day, while the naira-for-crude initiative has supported domestic refining, improved energy security, and reduced pressure on consumers.

The minister said that Nigeria’s reclassification as a Frontier Market by FTSE Russell underscores growing investor confidence, while tariff reforms are boosting industrial productivity and expanding trade competitiveness.

Mr Edun said that the country would advocate for supportive global financial conditions, increased investment flows, and collaborative efforts to sustain reforms and unlock growth across developing economies.

He reaffirmed the government’s commitment to ensuring reforms translate into tangible benefits, driving job creation, reducing poverty, and building a resilient, inclusive economy for sustainable national prosperity.

Mr Edun will also chair the G24 and engage global stakeholders to showcase Nigeria’s reform progress, strengthen partnerships, and attract investments to accelerate inclusive economic development.

(NAN)