The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the importance of fiscal transparency in improving Nigeria’s credit profile, attracting investors, and reducing borrowing costs.
During a high-level meeting with Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund, Edun highlighted key economic reforms to foster financial stability and investor confidence.
This was according to a statement posted on the Ministry’s X page on Tuesday.
The statement read, “Edun stressed that enhancing fiscal data transparency could strengthen Nigeria’s credit profile, attract investors, and reduce borrowing costs.”
During the meeting, which focused on economic reforms, private sector investment, and Nigeria’s participation in global financial affairs, Edun provided insights into the government’s efforts to strengthen fiscal discipline and enhance transparency in public finance management.
He stated that Nigeria is committed to implementing reforms that would improve efficiency, accountability, and domestic revenue mobilisation, making the country a more attractive destination for investment.
He revealed that the government is actively advancing tax reforms, revenue assurance mechanisms, and digitalisation to strengthen the financial system.
These measures, he noted, are geared towards enhancing Nigeria’s fiscal credibility, which is a key factor in determining the country’s creditworthiness in the global financial market.
Edun also provided updates on Nigeria’s social investment programmes, noting that the government is transitioning to a biometric-based, transparent system to improve efficiency, eliminate leakages and enhance accountability in the disbursement of social benefits.
This approach, he said, aligns with broader efforts to promote good governance and financial prudence.
Another major highlight of the discussion was Nigeria’s oil revenue performance, with Edun stating that crude oil production has increased from 1.2 million barrels per day to between 1.7 million and 1.8 million barrels per day.
This improvement in production, he noted, is contributing significantly to national revenue growth and helping to stabilise government finances.
Beyond fiscal policies, Edun stressed the government’s commitment to expanding private sector investment as a catalyst for economic development.
He outlined policy shifts to boost renewable energy adoption, improve investment conditions for solar energy projects, and expand service exports.
He also addressed electricity sector reforms, stating that the government is advocating for expanded metering systems to enhance efficiency and encourage private sector participation in power distribution.
On Nigeria’s engagement in the global financial landscape, Edun reaffirmed the country’s commitment to securing fairer credit ratings for African economies.
He noted that by improving fiscal transparency and governance, Nigeria can demonstrate greater financial stability, positioning itself for improved credit assessments by global rating agencies.
The First Deputy Managing Director of the International Monetary Fund, Gita Gopinath, expressed satisfaction with her visit to Nigeria, describing her meetings with Finance Minister Wale Edun and Central Bank of Nigeria Governor Yemi Cardoso as productive.
In a statement via her official X (formerly Twitter) handle, Gopinath said discussions focused on Nigeria’s economic outlook and efforts to tackle the high cost of living, emphasising the need to accelerate social support.
