The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, reaffirmed the Federal Government’s commitment to institutional performance and staff welfare, commissioning a fleet of Compressed Natural Gas (CNG) buses and announcing the reintroduction of essential provisions for the staff 

Speaking at a special staff engagement forum in his office in Abuja, Edun emphasised that the Ministry’s internal strength is vital to delivering Nigeria’s broader economic reform agenda. *This Ministry is the engine room of national transformation and that engine must be well‑fuelled,* he remarked.

The newly commissioned CNG buses, received under the Presidential Initiative on CNG, reflect a dual-purpose commitment: easing staff mobility while accelerating Nigeria’s transition to cleaner, cost‑efficient energy solutions. The move underscores the Ministry’s alignment with private sector expectations for fiscal responsibility, operational transparency, and environmental sustainability.

The event was also graced by the Chairman of the Presidential Initiative on CNG, Barr. Ismaeel Ahmed, who reiterated the programme’s mission to mainstream cleaner transport across government institutions and stimulate local industrial value chains.

The Minister also announced the revival of monthly welfare provisions to staff—a practical gesture aimed at fostering morale and stability as the Ministry leads the charge on macroeconomic reform, treasury digitalisation, and enhanced service delivery.

Ealier in her opening remarks, the

Permanent Secretary, Federal Ministry of Finance Mrs Lydia Shehu Jafiya praised the Minister’s leadership, describing the engagement as a timely moment of unity and recommitment. 

She called on staff to reflect the professionalism and discipline that Nigeria’s economic stability demands.

As Nigeria continues to undertake difficult but necessary reforms, the Ministry’s internal cohesion and external accountability remain critical to restoring investor confidence, supporting market growth, and achieving inclusive prosperity.

The Federal Government has applauded the launch of the Produce for Lagos Programme and ₦500 Billion Off-Take Guarantee Fund, saying the initiative aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun gave the commendation today in his remarks during the groundbreaking ceremony held in Lagos. 

Represented by the Honourable Minister of State for Finance Dr. Doris Uzoka-Anite, the  Minister highlighted the transformative potential of the programme, stating that it underscores the collective commitment to national food security and exemplifies the transformational power of partnership across levels of government and the private sector.

He stated that the programme aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which identifies agriculture as a foundational and futuristic pillar of Nigeria’s national development architecture. 

HM Edun emphasized that the programme will unlock the productive potential of farmers, traders, processors, and transporters and promote inter-state economic solidarity.

*We are blessed with vibrant populations, abundant natural resources, and an entrepreneurial spirit that positions us not as competitors, but as partners with a shared vision of resilient economies, inclusive growth, and sustainable development,* he stated.

The ₦500 billion Offtake Guarantee Fund was highlighted as a bold and timely intervention, providing assurance to farmers, agribusinesses, and investors, and reducing risks associated with agricultural investments. *It tells every farmer that their sweat will be matched with sustainability. Every agribusiness that their risks will be reduced. Every investor that agriculture is bankable, investable, and scalable,* the Minister emphasized.

Edun also highlighted the Federal Government’s commitment to revamping and scaling the agricultural sector through various initiatives, including the Presidential Initiative on Compressed Natural Gas (CNG), the National Agricultural Growth Scheme and Agro-Pocket Programme (NAGS-AP), and the development of Special Agro-Industrial Processing Zones (SAPZs). 

A $1 billion strategic agreement with the Government of Brazil under the Green Imperative Project was also mentioned, aimed at modernizing Nigeria’s agricultural landscape through the provision of 10,000 tractors, modern farm implements, and agro-processing equipment.

He commended the visionary team behind the project and called on all stakeholders to join hands in building a future where Lagos feeds itself and contributes meaningfully to national food sufficiency. *Let it be a call to action for all stakeholders to join hands in building a future where Lagos feeds itself—and contributes meaningfully to national food sufficiency,* the Minister concluded.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has welcomed the release of Nigeria’s *2024 rebased Gross Domestic Product (GDP)* figures and the *Q1 2025 GDP growth estimate of 3.13%*, describing both as important signals of the country’s economic resilience and renewed momentum.

The GDP rebasing—Nigeria’s first since 2014—was undertaken by the National Bureau of Statistics (NBS) in line with international best practices and represents a critical step toward more accurate, up-to-date, and comprehensive measurement of the economy. The updated national accounts now better reflect structural changes in the economy, including the rise of the digital and creative sectors, increased activity in services, and stronger diversification across non-oil industries.

*The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance. It allows policymakers, investors, and citizens to better understand the true size and composition of the economy, so we can plan more effectively and deliver greater prosperity to all Nigerians,* the Minister stated.

*Structural Shifts Reflect a Modernising, Diversifying Economy*

The rebased data reveal important shifts in the structure of the Nigerian economy. Notably, the services sector—particularly ICT, finance, entertainment, and professional services—now accounts for a larger share of GDP. Agriculture and manufacturing remain vital contributors, while the role of oil and gas continues to decline in relative terms, underscoring the impact of ongoing diversification efforts.

*These changes are not just statistical—they reflect real transitions underway in the Nigerian economy. Our young, tech-savvy population is powering growth in new sectors, and our reforms are unlocking the potential of industries that were previously underrepresented in our GDP figures,*  Edun noted.

This evolving structure reinforces the government’s strategy of investing in productivity, infrastructure, digital innovation, and human capital to drive future growth and job creation.

*Q1 2025 Growth Outpaces Previous Year — A Sign of Momentum*

The Minister also highlighted the *3.13% year-on-year GDP growth recorded in Q1 2025, an improvement over the 2.4% recorded in Q1 2024*, as further evidence that the economy is gaining strength under the Renewed Hope Agenda. The acceleration was driven by strong performance in agriculture, telecoms, construction, and financial services.

*We are encouraged by the broad-based nature of this growth, which is occurring across key sectors and supported by stable macroeconomic reforms. This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth,* he said.

With continued implementation of structural reforms, fiscal discipline, and targeted investments in critical sectors, the Honourable Minister reaffirmed the government’s medium-term ambition of achieving a *7% annual GDP growth rate*, in line with national development priorities.

*Our goal is not just growth, but growth with impact, especially the creation of quality jobs. The new data helps us better track progress, refine our strategies, and ensure that economic expansion translates into more jobs, higher incomes, and better living standards for all Nigerians,* he added.

The Federal Ministry of Finance commends the National Bureau of Statistics for its professionalism and technical rigour in delivering the rebasing exercise and quarterly GDP reports. These data tools are critical to designing policies that are grounded in reality and aimed at unlocking the full potential of Nigeria’s economy.