Nigeria is targeting a 7 percent economic growth, according to the finance minister Wale Edun.
He said the government's "bold reforms" aim to achieve such growth, which is critical to lifting millions of Nigerians out of poverty.
Edun said this on Wednesday during an investors' forum on the sidelines of the World Bank/IMF in Washington, DC.
Amid falling global oil prices and looming budget shortfalls, he said the government was prioritizing essential payments like salaries, pensions, debt servicing, and security.
He, however, admitted that the 2025 budget, initially pegged at a $75 oil benchmark, faces pressure as prices slide below $70.
Edun equally announced renewed efforts at boosting oil production through the NNPCL, as well as diversifying the nation's economy, adding that key sectors like agriculture, petrochemicals, and pharmaceuticals, now supported by 1.2 million barrels per day of local refining capacity.
He said to bridge revenue gaps, the government intends to optimise national assets and improve the investment climate to attract private capital. Edun stressed that increased productivity and private investment are key to job creation and poverty reduction.
