The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed President Bola Tinubu’s strong commitment to fostering inclusive and sustainable economic growth aimed at reducing poverty across Nigeria.
Edun made the statement on Monday while speaking with reporters after the fifth meeting of the Federal Executive Council (FEC) at the Presidential Villa in Abuja.
He noted that President Tinubu’s ongoing economic reforms were beginning to show encouraging results, with renewed confidence from global financial institutions.
According to him, discussions at the recent Spring Meetings of the International Monetary Fund and World Bank in Washington, D.C., confirmed that Nigeria is making meaningful progress on its economic path.
Before the Fitch Ratings agency raised Nigeria’s credit rating from B- to B with a positive outlook, Edun said international financial institutions had already acknowledged the country’s improving economic fundamentals.
He further revealed that the IMF recognized Nigeria’s ability to weather international economic pressures, crediting recent policy changes for strengthening the nation’s economic resilience, even in the face of new challenges such as trade restrictions from the United States.
In another development, Edun disclosed that the FEC had officially endorsed Nigeria’s admission into the Asian Infrastructure Investment Bank (AIIB) as a non-regional member.
He explained that Nigeria received the invitation to join the bank in 2021 and had since fulfilled all necessary administrative and financial obligations. The country has now subscribed to 50 shares in the bank, each worth $100,000, bringing the total value to $5 million.
“The council gave its approval for Nigeria to subscribe to 50 units of capital stock in the AIIB,” Edun stated.