By Onu Okorie
The Minister of Finance and Coordinating Minister of Economy Mr Wale Edun has confirmed that Nigeria now operates with market pricing for Premium Motor Spirit (PMS) for the first time in 40 years.
He stated this while addressing the question of fuel pricing at the sideline of the World Bank/IMF spring meeting holding in Washington DC USA.
He noted further that this reform can transform the economy by freeing up resources for vital investments in education, housing, and infrastructure.
Responding to questions on government efforts to create a more business-friendly environment and clarify fuel pricing policies, HM Edun informed significant progress in stabilizing the economy, pointing to improved GDP growth, a lower budget deficit, and a return to orthodox monetary policy by the Central Bank of Nigeria (CBN). He emphasized that, having turned an economic corner, the government is now focused on maintaining stability and fostering growth, particularly through initiatives in the agricultural sector, such as the National Agricultural Growth Scheme – Agro-Pocket intervention.
The Minister cited notable investments in the oil and gas sector, including key projects by TotalEnergies and ExxonMobil. He also discussed President Bola Ahmed Tinubu’s initiatives aimed at revitalizing the manufacturing sector, emphasizing incentives such as concessional interest rates.
The Minister noted growing confidence from international investors, citing a recent visit from JPMorgan as a positive signal. He also outlined plans for long-term mortgage solutions aimed at addressing housing needs while driving economic growth, job creation, and poverty reduction.
The bi-annual report, (NDU) titled Staying the Course: Progress Amid Pressing Challenges, is an in-depth examination of selected economic and policy issues, providing critical analysis of Nigeria’s development challenges.