Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has noted that improving fiscal transparency can enhance the country’s credit profile, attract more investors, and reduce borrowing costs.
During a meeting with Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund (IMF), Edun discussed Nigeria’s ongoing economic reforms aimed at boosting financial stability and investor confidence. The discussion focused on fiscal discipline, transparency in public finance management, and efforts to improve Nigeria’s creditworthiness.
A statement from the Ministry of Finance on X (formerly Twitter) quoted Edun as saying, “Enhancing fiscal data transparency could strengthen Nigeria’s credit profile, attract investors, and reduce borrowing costs.”
Edun outlined the government’s commitment to key reforms, including improving accountability, increasing domestic revenue generation, and implementing digital financial systems. He noted that the government is working on tax reforms and revenue assurance mechanisms to strengthen the financial system and boost Nigeria’s fiscal credibility.
Regarding social investment, Edun shared updates on efforts to transition to a biometric-based system for social benefits. He noted that this move aims to improve efficiency, eliminate financial leakages, and ensure better accountability. This, he added, aligns with the government’s broader goal of promoting good governance and responsible financial management.
On oil revenue, Edun revealed that Nigeria’s crude oil production has risen from 1.2 million barrels per day to between 1.7 million and 1.8 million barrels per day. He noted that this increase has significantly boosted national revenue and helped stabilize government finances.
Beyond fiscal policies, Edun stressed the importance of private sector investment in driving economic growth. He mentioned government initiatives to promote renewable energy, expand service exports, and improve investment conditions for solar energy projects. Additionally, he addressed ongoing electricity sector reforms, stating that expanding metering systems will improve efficiency and attract more private sector participation in power distribution.
Regarding Nigeria’s role in global financial markets, Edun reaffirmed the government’s push for fairer credit ratings for African economies. He noted that by enhancing fiscal transparency and governance, Nigeria could achieve better credit assessments from international rating agencies.
