Wale Edun, minister of finance and coordinating minister of
the economy, says President Bola Tinubu’s policies have been widely recognised
as capable of putting Nigeria on the path to economic recovery.
Edun spoke on Saturday on the sidelines of the ongoing World
Bank Group/International Monetary Fund (IMF) annual meetings in Marrakech,
“During various plenary and bilateral meetings including
World Bank, IFC, ERBD and international banks, we were encouraged that our
reform efforts are being globally acknowledged and applauded,” he said.
“The reforms are widely recognised as capable of putting
Nigeria on the path to economic recovery.
“We emphasised access
to investment capital, particularly from the private sector and at a large
scale; as well as the need to support private sector development.
“As I speak with you here today in Marrakech, I am fully
aware of the difficulties our people are facing back home. Our key priority
remains providing a better life for all Nigerians.
“This has already been outlined in President Bola Tinubu’s
eight priority areas.”
According to Edun, while Nigeria’s economic narrative has
its unique complexities, it remains inextricably linked to the economic
trajectory of sub-Saharan Africa and the broader global economic landscape.
“At this week’s meeting, the IMF announced that for the
second successive year, regional economic output will fall to 3.3 percent in
2023 from four percent in 2022,” he said.
“Global growth is projected to fall from 3.5 per cent in
2022 to 3.1 percent in 2023 and 2024.
“Economic growth remains slow and uneven overall, and this
is due to a series of unprecedented shocks, significant conflicts in numerous
locations globally and slow international demand following the COVID-19
“These have resulted
in sustained high interest rates to tackle soaring inflation, high borrowing
costs, which make debt unaffordable, and investment challenging.”
The minister emphasised that fiscal consolidation, aimed at
building financial buffers after a prolonged period of economic stimulus,
continues to be the favoured policy approach for numerous countries.
“Food and energy insecurity risks, rising poverty and inequality
are key concerns, especially in low-income countries,” he said.
“At the IMFC meeting where I represented 22 Sub-Saharan
countries, I highlighted that higher interest rates have amplified debt service
burdens and capital flow reversals.
“I urged for continued multilateral cooperation to tackle
debt challenges, which supports the G20 common framework and the Global
Sovereign Debt Roundtable.”
Edun however urged the World Bank to remain focused on the
twin goals of poverty eradication and shared prosperity, while enhancing its
operating and financing models.
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