27
Apr
Apr
NIGERIA TARGETS SINGLE-DIGIT INFLATION, JOB CREATION UNDER TINUBU’S REFORM AGENDA
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CapitalTimesNews / 2 months
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- 3 min read
The Federal Government has announced plans to reduce the inflation rate to single digits and create more jobs for Nigerians. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known during a press conference in Washington D.C., United States, as part of activities marking the end of the 2025 International Monetary Fund and World Bank Spring Meetings. Edun said the government is collaborating with development partners like the World Bank to create jobs locally, empower youths, and support them through essential infrastructure, including digital infrastructure, access to data, internet, and fibre optic networks. “The objective is to create jobs locally, empower youths, and support them through essential infrastructure,” he stated. The Minister noted that the country’s unemployment rate has dropped to 4.3 percent in the second quarter of 2024 from 5.3 percent in the first quarter of 2024. He attributed the progress to President Bola Tinubu’s reform agenda, saying “the results are commendable.” Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, also spoke at the press conference, acknowledging the impact of inflationary pressures on the country. “We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians,” he said. Cardoso assured that the government’s policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term. Cardoso highlighted the positive outcomes of the country’s reforms, saying “the nation was a reference point of how reforms could change the economic trajectory of a nation for the better.” He added that the reforms are “delivering results” and have “moved us from a position of vulnerability towards one of growing strength.” The CBN Governor also mentioned that the country recorded a balance of payments surplus of $6.83 billion in 2024, supported by rising exports and capital inflows. He said the recapitalisation efforts in the banking sector are gaining momentum, with the goal of enhancing banks’ ability to fund large-scale projects and drive economic activities. Chairman of the Senate Committee on Finance, Senator Sani Musa, praised the economic team of the administration, saying “the economic team of this administration is doing very well on the fiscal aspect of our economy, so that poverty will be reduced.” Musa added that the government has done “all the needful” in terms of activities to make the tax reform bills workable. The Nigerian delegation, led by Edun, had a series of meetings with fund managers, global financial leaders, and multilateral institutions investors, as well as development partners, to cement existing relationships and create new partnerships. The government aims to set the nation on an ambitious trajectory of becoming a $1 trillion economy by 2030.
