The Economic Management Team (EMT) has lauded the Central Bank of Nigeria (CBN) for its interventions in the economy.
EMT recalled such interventions implemented at a crucial stage of the economy which it said, restored confidence in the external sector.
Minister of finance and coordinating Minister of the economy Mr Wale Edun who chaired EMT session on Monday noted positive impact which transparent exchange rate regime brought to bear in economy.
Edun noted a significant rise in foreign reserves, recording a net foreign exchange reserve of $23 billion in 2024, and closing the exchange premium from 65% in 2023 to 1% in 2024.
A statement issued by Director of information in the ministry Mohammed Manga on EMT session, said Edun highlighted emerging signs of macroeconomic stabilisation including a narrowing budget deficit, and improved fiscal revenues.
He also noted Nigeria’s recent credit rating upgrade as a clear sign of international confidence in the reform agenda.
“That is a clear, objective indication that things are moving in the right direction,” he affirmed.
Referencing discussions at the recent IMF-World Bank Spring Meetings, the Minister acknowledged ongoing global uncertainty and domestic fiscal constraints, including a recent drop in oil prices. He, however, stressed that these challenges underscore the need to accelerate private sector investment and job creation.
The Minister urged all public agencies to embrace data-driven, evidence-based policymaking, commending the Central Bank’s approach as a model of transparency. EMT subcommittees were tasked with continuing their work to shape the next phase of Nigeria’s economic roadmap, to be presented to the President, focusing on unlocking rapid and sustained inclusive growth, with the government targeting 7 percent in the medium term.
The EMT also seeks to further improve the country’s sovereign ratings to bring down the costs of debt while building stronger GDP growth through sector and specific growth policies.
This includes seeking to unlock pension funds for infrastructure, increases in oil production, and reduction in the cost of crude oil production, while strengthening existing and new domestic and foreign investments through effective communication of the government’s economic agenda.
The EMT recognizes the progress and acceleration of investments in telecoms infrastructure that will serve as the basis of strong contributions from the sector in the coming quarters and recognizes that technology has a big role to play in driving growth in other sectors such as agriculture.
The meeting also provided an opportunity for the EMT to discuss how the data on poverty can be disaggregated so the government is able to provide targeted economic opportunities and improve the effectiveness of current government expenditure levels.
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