Wale Edun, minister of finance and coordinating minister of the economy, says the structural reforms of the federal government led to over $7 billion investment in Nigeria’s oil and gas sector.
Speaking recently at the launch of a partnership between PepsiCo and DP World in Lagos, Edun said the reforms are reshaping multiple sectors — including energy, transport, logistics, and education.
“I can tell you, in the oil and gas sector, over $7 billion of investment has come in… unleashed by the reforms. Of course, they are what we call the green shoots of optimism of recovery.”Edun said the reforms have begun to reflect in economic data, with the gross domestic product expanding by 3.1 percent in the first quarter of 2025, compared with the 2.4 percent recorded in the same period of 2024.
“The oil and gas sector is actually less than 4 percent of GDP, showing that there is less reliance. There is a move towards diversification,” he added.On macroeconomic stability, the minister said inflation has been on a downward trend for four consecutive months, while external reserves have risen to $42 billion — from “virtually nothing” two years ago.
He, however, said the interest rate remains elevated as monetary authorities deploy it as a tool against inflation.
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