Nume Ekeghe

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the federal government’s commitment to sustaining ongoing economic reforms and deepening inclusive financing as key drivers of accelerated growth beyond four per cent.

This is just as the Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc, Oliver Alawuba, commended the coordinated efforts of the Central Bank of Nigeria (CBN) and the Ministry of Finance, noting that their recent policy measures have significantly eased pressure on the foreign exchange market and restored investor confidence.

Meanwhile, Edun and the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, have reaffirmed the federal government’s determination to remove structural distortions, multiple extortions, and policy bottlenecks that continue to stifle business growth and investment in Nigeria.

Speaking yesterday at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, Edun lauded the Central Bank of Nigeria (CBN) for maintaining monetary discipline under its current policy stance, describing the measures as critical to curbing inflation and safeguarding the stability of the financial system.

He noted that while significant progress had been recorded since the reform agenda commenced on May 29, 2023, the next phase must prioritise inclusive growth, particularly through expanded credit access for young entrepreneurs and small businesses.

“Monetary policy under Cardoso (CBN governor) has stabilised the financial system in a most commendable way. We recognise and thank his efforts. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side, but the fight against inflation is one that we all have to participate in; so, we understand those tight monetary policies,” Edun said.

He emphasised that economic growth must translate into opportunities for Nigeria’s youthful population, adding that over 400,000 graduates enter the labour market annually.

“We now have what I would say is our President’s agenda, rapid growth accelerating above 4 per cent, well above 4 per cent, and we look forward to continuing. We have sustained efforts on reforms since May 29, 2023. We have stayed the course, but we need inclusivity. That inclusivity means good-paying jobs for our young people,” he said.

The minister further charged the financial sector to play a more active role in driving grassroots growth.

 “The finance and banking industry, we have more work to do because we must finance their ideas, we must deepen the capital markets and banking credit markets down to small SMEs. They should not have to go to Silicon Valley,” Edun added.

Also speaking, Chairman of the Committee of Bank CEOs and Group Managing Director/Chief Executive Officer of United Bank for Africa (UBA) Plc,  Alawuba, commended the coordinated efforts of the CBN and the Ministry of Finance.

He noted that their recent policy measures have significantly eased pressure on the foreign exchange market and restored investor confidence.

“We also thank the Minister of Finance and Coordinating Minister of the Economy, and indeed the Governor of Governors, the CBN governor. We have seen the difference. Thank you for the way you have rescued Nigerians,” Alawuba said.

According to him, the economy has shown remarkable improvement in the past year, especially in the foreign exchange market.

“Today, things are better on the economy side than they were a year ago. As a banker a year ago, if you met a customer, he would ask, ‘Do you have dollars for me?’ Today, if you meet a customer, you would ask him, ‘Do you have any need for dollars at all?’ Thanks to the efforts of the minister, the Central Bank, and the coordinated economic team,” he said.

Alawuba also urged the newly inducted CIBN Fellows and Senior Members to uphold professionalism and integrity by championing three critical missions, bridging the digital divide, strengthening trust, and fostering collaboration across the banking industry

At the event, the CBN’s Deputy Governors in charge of Corporate Services and Operations, Ms. Emem Usoro and Dr. Bala Bello, were conferred with Distinguished Honorary Fellows of the Institute, while the Director of Strategy and Innovation Management at the CBN, Monsurat ModesolaVincent, was inducted as an Honorary Senior Member.

Meanwhile, Edun and the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, have reaffirmed the federal government’s resolve to dismantle structural barriers, eliminate multiple extortions, and clear the policy bottlenecks that continue to frustrate business growth and private investment in Nigeria.

Speaking at the inaugural Government–Private Sector Dialogue Series (GPS) in Lagos, both ministers described the initiative as a defining shift toward a more open, responsive, and participatory model of economic governance—one that places the private sector at the centre of decision-making and policy implementation. The session brought together leaders from key regulatory agencies, including the Federal Inland Revenue Service (FIRS), Bank of Industry (BoI), Nigeria Customs Service, Standards Organisation of Nigeria (SON), NAFDAC, NEXIM Bank, and NOTAP, as well as representatives of manufacturing, technology, export, and service sectors who presented practical solutions to improve the ease of doing business.

Edun disclosed that the government, working with the legislature, judiciary, and other stakeholders, had concluded work on the 2025 Tax Acts, which will take effect on January 1, 2026. The new legislation, he said, is designed to enhance fairness, transparency, and efficiency across the tax system. “The aim is to make the system fairer, clearer, and more efficient, and of course to spread the tax net as wide as possible so that everybody gets a chance to contribute accordingly. Rather than having an extra federal layer collecting and making us internationally uncompetitive, we want to reduce the number of payment points and improve transparency,” he explained.

The finance minister also announced plans to roll out the National Single Window Project in the first quarter of 2026, a digital trade platform that will automate customs processes, integrate data across agencies, and cut administrative costs. The initiative, he said, will leverage artificial intelligence to curb rent-seeking, streamline documentation, and make Nigeria’s trade system more competitive globally.

He stressed that the reforms under President Tinubu’s Renewed Hope Agenda go beyond stabilising the macroeconomy, adding that they are intended to entrench transparency, accountability, and productivity. “These efforts must be sustained, continued, and built upon,” he said, reaffirming the administration’s commitment to maintaining open dialogue with the private sector to ensure reforms translate into measurable growth.

On her part, Uzoka-Anite described President Tinubu as “the most business-friendly president that Nigeria has had in recent history,” adding that his instruction to ministers was clear: government must work hand-in-hand with the private sector to remove every obstacle hindering enterprise. “The Renewed Hope Agenda is not just a policy framework; it is a deliberate effort to rebuild the foundations of our economy so that businesses can thrive free from the constraints of uncertainty, inflation, and poor infrastructure,” she said.

While acknowledging the short-term pains triggered by fiscal and monetary reforms, Uzoka-Anite maintained that policies such as fuel subsidy removal, exchange rate unification, and fiscal discipline were necessary to restore confidence and attract investment. “These actions have sent a clear message to investors at home and abroad that Nigeria is open for serious business once again,” she said.

The minister also outlined ongoing initiatives to improve access to finance for small and medium enterprises through institutions such as the Bank of Industry (BoI), Development Bank of Nigeria (DBN), and the Presidential Initiative on Consumer Credit. She commended the work of Mr. Taiwo Oyedele’s Tax Reform Committee, which she said had simplified Nigeria’s tax regime and helped reduce multiple taxation. “These are not abstract policies; they are practical, targeted measures designed to allow the spirit of enterprise to flourish in a modern and competitive Nigerian economy,” she noted.

Reiterating the government’s commitment to balanced regional development, Uzoka-Anite assured that the South-east would play a central role in the ongoing economic renewal. She cited the rehabilitation of the Enugu–Onitsha Expressway, the completion of access roads to the Second Niger Bridge, and the establishment of new industrial clusters aimed at positioning the region as a manufacturing hub for West Africa. “To our brothers and sisters in the Southeast, the Federal Government sees you, values you, and is committed to ensuring that our region is not left behind,” she affirmed.

Uzoka-Anite also revealed that discussions between the Federal Ministry of Industry, Trade and Investment and the Lagos State Government had led to the creation of a Lagos–Igbo Consultative Council, designed to strengthen collaboration between the state and the Igbo business community. She urged Nigerian entrepreneurs to move from “survival mode to influence mode,” stressing that sustained engagement with policymakers was essential to shaping the business environment.

“As a minister, I am working every day to stabilise our economic environment, restore confidence, and create a fairer playing field for enterprise. While the government can create the framework, it is entrepreneurs like you who will build the future. Reforms may be painful before they are fruitful, but if we stay the course, the long-term dividends—stronger currency, lower inflation, modern infrastructure, and inclusive growth—will benefit all. Let us choose partnership over pessimism, progress over politics, and renewed hope for our businesses, our communities, and our nation,” she said.

​