The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has affirmed that the Federal Government is working closely with the World Bank to advance a shared agenda focused on creating high-quality jobs for young Nigerians.

Speaking to journalists in Washington D.C. on the sidelines of the World Bank/IMF Spring Meetings, following the conclusion of the institution’s Development Committee Meeting, Mr. Edun noted that the Bank’s Governors — who are Finance Ministers of member countries — have collectively agreed to prioritise employment generation as a central pillar of development. This, he stated, aligns seamlessly with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which places job creation at the core of economic revitalisation efforts.

*The agenda going forward centres on the critical role of multilateral financial institutions — particularly the World Bank — in shaping global development priorities,* the Minister stated. *This includes scaling up efforts to create sustainable jobs and stimulate inclusive economic growth.*

Mr. Edun emphasised that the Tinubu administration is committed to unlocking private capital to stimulate productivity, attract both local and foreign investment, and accelerate job creation across sectors.

A key component of this strategy, he said, is the rollout of digital infrastructure to support Nigeria’s growing youth population. *The idea is to empower our young people with access to the internet, data, and fibre-optic networks. This digital infrastructure will enable them to offer services online, retain talent within our borders, and actively contribute to the digital economy,* he explained.

The Minister also reiterated that job creation remains the most effective route to reducing poverty and inequality. *Creating good quality jobs is essential to addressing poverty. It is central to the President’s vision — stabilising the economy, encouraging private investment, and ensuring that our youth have opportunities at home, rather than seeking them abroad,* he added.

This collaboration between the Federal Government and the World Bank signals a unified commitment to tackling unemployment, fostering inclusive prosperity, and building a digital-ready workforce equipped for the challenges and opportunities of the modern economy.

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.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, delivered Nigeria’s Statement at the G-24 Ministerial Meeting on the sidelines of the 2025 IMF World Bank Spring Meetings in Washington D.C.

In his capacity as First Vice-Chair of the G-24, the Minister underscored President Bola Ahmed Tinubu’s strong commitment to structural reforms, including fuel subsidy removal, foreign exchange unification, and comprehensive tax policy reforms. He emphasised the administration’s focus on restoring macroeconomic stability and building a more resilient, inclusive economy.

The Honourable Minister called on the IMF and World Bank to reward reform-minded economies—particularly those in Sub-Saharan Africa—by expanding access to affordable financing and deploying more innovative instruments to support their transitions.

HM Edun also welcomed the IMF’s recent establishment of a third Sub-Saharan Africa Chair and advocated for increased African representation at senior management levels within the Bretton Woods institutions.*Nigeria is open for business,* he stated. 

The Minister, however, added that for reforms to deliver their full impact, *we need the international community to match our ambition with strong, targeted support.*