Nigeria’s Economy Grew in First Half of 2024, Says Finance Minister Edun, Urges Patience Ahead of Nationwide Protest

Ahead of the planned nationwide protest, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun has stated that Nigeria’s economy has experienced growth in the first half of 2024 and has called for patience from Nigerians as the country navigates its path forward, emphasising the need for collective effort and mutual understanding in the pursuit of national progress.

Edun, while speaking at the World press conference on the state of the nation and the federal government response to agitations for improved governance, in Abuja on Wednesday, highlighted improvements across several sectors, including agriculture, industry, and services.

Edun addressed concerns about high food prices and food shortages, explaining that agriculture, which had been in a negative trend, began to recover in the first quarter of this year.

“The economy in the first half of the year has grown. Agriculture that was negative, when you say are food prices high? Why is there a lack of food? It was because it was contracting. But since the first quarter of this year, it has started picking up and we expect that and are doing everything possible to maintain that.

“What the president is saying now is that we need to give ourselves this golden opportunity to take Nigeria forward. We need to be patient with each other, we need to listen to each other as he is listening to Nigerians in his efforts to lead us into a better future.”

The Minister also noted that the industrial sector is expanding and generating employment opportunities, while the services sector is showing signs of growth.

“Industry is growing and creating employment and likewise services. That is also growing. That is the turnaround and the momentum that we do not want to see slow down in any way.”

In his address, Edun also referenced President Bola Tinubu’s campaign promise to ensure that the cost of economic reforms does not disproportionately affect the poorest and most vulnerable citizens.

He said the President had committed to distributing the burden of reform more equitably, targeting wealthier individuals to shoulder a larger share.

Edun acknowledged that while implementing reforms, there can be delays and deviations from the planned timetable. However, he emphasized the importance of persistence in the reform process.

“It is important to point out that in implementing reforms, there are times when what is planned and the timetable that is planned sometimes slips. But the answer is not to throw out the efforts. The answer is not to stop but to keep growing and to keep trying.”

The Minister outlined the government’s comprehensive plan, which includes initiatives in agriculture, youth employment, urban transportation, and affordable financing for small enterprises.

Despite ongoing inflation and high interest rates due to central bank policies, Edun stressed the need for cheaper funding solutions to support the manufacturing sector and drive economic growth.

“We have implemented and are implementing a comprehensive plan that covers agriculture, young people, transportation in the urban sector, grants in smaller enterprises at an affordable interest rate. Inflation is flowing but the interests are still high as central banks battle inflation and carry out its monetary policy in line with its mandate. Against that backdrop, it is important to find cheaper funding so that manufacturing can go on” Edun said

Chioma Kalu

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