by Ijeoma Chigbu

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has wooed international investors to make Nigeria their destination of choice, highlighting the country’s robust economic growth and potential for private sector investment.

Speaking during the meeting with investors on the sidelines of the IMF/World Bank Spring Meetings in Washington DC, HM Edun highlighted the significant economic reforms introduced by President Bola Ahmed Tinubu’s administration, aimed at driving robust economic growth.

With a 3.8% growth recorded last year, the Minister said that the government is targeting 7% annual growth, driven by strategies to boost agricultural productivity, digital infrastructure, and oil production. He highlighted the government’s commitment to creating an enabling business environment, citing recent reforms such as subsidy removal and market pricing of petroleum products.

*We believe we have started to lay the foundations for a strong, economically strong Nigeria that can attract private sector investment,* Edun stated.

He informed that Nigeria offers vast opportunities for private sector investment and participation.

*We have huge opportunities to crowd in the private sector, particularly in infrastructure development, agriculture, and digitalization,* he maintained 

At the meeting, which was also attended by Chairman Senate Committee on Finance, Distinguished Senator Mohammed Sani Musa; the Deputy Chairman of the House of Representatives Committee for Finance, Hon. Saidu Musa Abdullahi; the Governor of the Central Bank of Nigeria Mr Olayemi Cardoso; the Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya, the Special Adviser to the President on Finance and the Economy Sayande Okoli as well as Director General of the Debt Management Office (DMO), Ms Patience Oniha, HM Edun emphasized that Nigeria is looking inward to navigate global economic uncertainties, leveraging its large African market and potential for manufacturing growth. 

With a focus on private sector-led growth, Nigeria is poised to achieve sustainable economic development, thus lifting millions of its citizens out of poverty.

by Ijeoma Chigbu

The Federal Government of Nigeria will pursue diversification of its revenues and adopt greater prudent resource allocation measures to mitigate the impact of low oil prices should it continue, according to Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.

Speaking at a meeting with investors during the ongoing IMF/World Bank Spring Meetings in Washington DC yesterday, Mr Wale Edun emphasized that with the recent reforms embarked upon by the present administration, Nigeria is better positioned to deal with global economic uncertainties.

The meeting was also attended by the Chairman, Senate Committee on Finance, Senator Mohammed Sani Musa; the Deputy Chairman of the House of Representatives Committee for Finance, Hon. Saidu Musa Abdullahi; the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; the Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya and the Director General of the Debt Management Office, Ms. Patience Oniha 

The Minister outlined the government’s strategy to cope with lower oil prices, including prioritizing government expenditure, expanding non-oil exports, and optimizing assets through public-private partnerships. He also highlighted the importance of maintaining fiscal congruence, ensuring timely payment of statutory obligations, and boosting revenue through increased oil production.

With Nigeria’s brent crude currently trading at US $68 compared to the US $75 2025 budget benchmark, the Minister emphasised that the priority of the government will be to ensure that government expenditure continues to meet the priorities of Nigerians, especially on critical infrastructure such as roads, power, and food security. 

*Nigeria is diversifying its economy away from dependence on oil prices, and the extensive work on tax reforms is almost concluded, * Edun stated. *We will do all we can to create an enabling business environment, provide incentives, and implement structural reforms to attract private sector investment, drive growth, and generate revenue,* the Minister added 

With a focus on prudent resource allocation and diversification, Nigeria is poised to navigate the challenges of low oil prices and achieve sustainable economic growth.

In its avowed commitment to ensuring cost savings across all air travels, the Federal Government has launched the BisonFly Project to optimize air travel costs for the Federal Civil Service through a structured, optimized, and technology-driven discount program.

Inaugurating the Project team in his office in Abuja today, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, stated that the BisonFly Project is a strategic initiative designed by the Federal Ministry of Finance to reduce the cost of air travel across the Ministries, Departments, and Agencies (MDAs) of the Federal Government through a centralized, technology-enabled system.

The system will integrate digital booking tools and centralized platforms, ensuring transparency and efficiency in official travel arrangements. It is expected to go live in the coming months.

The Minister emphasized the importance of institutional reform in achieving sustainable cost savings: *Project BisonFly directly supports our commitment to prudent financial management. By coordinating travel and securing discounted rates, we are using the government’s collective bargaining power to cut expenditure and improve service delivery, just as global institutions like the World Bank have done successfully,* Edun said 

Speaking earlier, the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr. Raymond Omenka Omachi commended the Minister’s leadership and vision, calling the initiative a model for fiscal responsibility across the public service and beyond.

Project BisonFly was developed by the Ministry’s Efficiency Unit in collaboration with ICT advisers and key stakeholders and will be overseen by a dedicated implementation team to ensure timely rollout and measurable results.

The Honourable Minister charged the implementation team to ensure the full realization of this important policy initiative of government, underscoring the urgency and significance of delivering on its mandate.

The BisonFly Project aligns with the Federal Government’s commitment to fiscal responsibility and public sector reform, supporting the government’s broader goals of enhancing efficiency and accountability in public sector operations.

It represents a significant step towards achieving fiscal discipline and improving public sector efficiency in Nigeria. With its innovative approach to cost savings and transparency, the project is poised to make a positive impact on government operations and set a precedent for other initiatives.