Nigeria’s government has outlined a clear strategy for reducing inflation, creating jobs, and fostering economic growth, as presented by the Nigerian economic team at the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington D.C. The team, led by Finance Minister Wale Edun, discussed the administration’s progress and future goals at the conclusion of the event.

Edun emphasized that one of the key priorities of the government is to lower inflation to single digits while focusing on job creation, especially for the youth. 

“Our objective is to generate local employment, empower the youth, and provide critical infrastructure, such as digital access, internet, and fiber optics, to facilitate remote work,” Edun stated.

A key highlight was the significant drop in Nigeria’s unemployment rate, which decreased to 4.3% in the second quarter of 2024 from 5.3% in the first quarter. Despite the challenges of inflation and global economic instability, Edun expressed confidence that Nigeria is well-positioned to weather these shocks.

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso also spoke at the event, acknowledging inflation’s disruptive effects on Nigeria’s economy. However, he reassured that the government’s policy stance is focused on sustainably reducing inflation over the medium term. “We recognize inflation as a major threat to Nigerians' economic welfare, and our commitment is to address this challenge,” he remarked.

Cardoso also shared positive feedback from the IMF meetings, where Nigeria was cited as a model for how reforms can transform a nation’s economic trajectory. He pointed out the growing investor confidence in Nigeria, which has contributed to a balance of payments surplus of $6.83 billion in 2024, backed by increased capital inflows and stronger exports. This improvement has helped stabilize the naira and reduce speculative activities.

The Nigerian delegation’s participation in an investment forum at the Nasdaq Market Site in New York was another major highlight. The forum underscored the progress Nigeria has made in attracting both domestic and international investments, with Cardoso noting that the event helped reinforce Nigeria’s standing as a leading investment destination.

On the banking sector, Cardoso stressed that efforts to recapitalize financial institutions were gaining momentum, with banks now better equipped to fund large-scale projects necessary for Nigeria’s economic development. He also reaffirmed the government’s ambitious goal of making Nigeria a $1 trillion economy by 2030.

Senator Sani Musa, Chairman of the Senate Committee on Finance, commended the government’s fiscal and tax reforms, noting that these efforts are crucial for poverty reduction and restoring public confidence in the financial system. “The economic team is making significant strides on the fiscal front, and poverty alleviation remains a top priority,” he said.

The Nigerian delegation, which included Edun, Cardoso, Debt Management Office Director-General Patience Oniha, and other senior officials, also held fruitful discussions with global financial leaders and development partners. These engagements were aimed at solidifying existing partnerships, exploring new opportunities, and highlighting the positive results of Nigeria’s economic reforms.

Looking ahead, the Nigerian government remains committed to executing its economic reforms, with a focus on ensuring long-term stability, growth, and prosperity for the nation.