The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Nigerian economy is experiencing a positive growth rate of 2.99 percent, surpassing the 2.3 percent growth seen in the first quarter of 2023.
According to Edun, the Tinubu administration is on track to lift many Nigerians out of poverty.
The Nation reports that Edun stated this during the presentation of his ministry’s performance, one year into the administration of President Bola Tinubu in Abuja on Tuesday, May 27. He said the improvement in economic growth highlights the effectiveness of President Bola Tinubu’s economic strategy.
Edun noted that agriculture, a critical sector of the economy, is showing marginal growth. He said the sector’s progress is expected to play a significant role in combating inflation, especially through a favourable wet season harvest that should stabilize food prices. He said by managing the food price index effectively, the government aims to alleviate one of the major pressure points on inflation.
“This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates. By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty,” he said
He added that revenue collection has also seen significant improvements.
Share this story to friends