In a bold move to tackle economic challenges, the Nigerian government has pledged to reduce inflation to single digits and boost job creation.
This commitment was announced by the Minister of Finance, Wale Edun, during the IMF and World Bank Spring Meetings held in Washington D.C., USA.
Edun emphasized that the government is collaborating with the World Bank and other partners to alleviate poverty and enhance employment opportunities. A key focus of these efforts is on equipping young Nigerians with better access to the internet and digital tools, enabling them to work remotely and thrive in the digital economy.
Highlighting Nigeria’s economic resilience, he noted that the unemployment rate dropped to 4.3% in the second quarter of 2024, underscoring the country’s ability to navigate global economic uncertainties.
Central Bank Governor Olayemi Cardoso also shared positive outcomes from ongoing economic reforms, which have bolstered investor confidence. Banks are increasing their capital to support large-scale projects, with the ambitious goal of transforming Nigeria into a $1 trillion economy by 2030. Cardoso reported a $6.83 billion surplus last year and noted the Naira's newfound strength and stability. Additionally, the country plans to further leverage diaspora remittances to fuel economic growth.
