Index to Nigerian Newspapers

The Federal Government of Nigeria is implementing a strategy to reduce borrowing and increase both foreign and domestic investments, as stated by Minister of Finance Wale Edun during an interview at the World Economic Forum in Davos. The government's focus is on enhancing revenue generation and sustainable financing through domestic resource mobilization rather than international borrowing. Key reform efforts include raising tax revenue and implementing a Comprehensive Economic Partnership Agreement (CEPA) with the UAE to attract foreign investment. Edun noted the country's economic growth has improved, with plans to further increase the tax-to-GDP ratio to fund social services and infrastructure, aiming for a more self-reliant economic framework.

The Federal Government has urged the World Bank to back its Renewed Hope Ward Development Programme.The initiative is a grassroots-focused initiative designed to stimulate economic activities across the country and advance President Bola Ahmed Tinubu’s vision of a $1 trillion economy by 2030.Bagudu explained that the programme, recently approved by the National Economic Council and coordinated by his ministry, is a transformative plan aimed at driving bottom-up growth and lifting millions out of poverty.“The objectives, among others, are to promote sustainable and inclusive growth at the ward level, which will contribute to national development,” Bagudu said. “This will support the $1 trillion GDP target by 2030 and help lift all Nigerians out of poverty.“Nigeria’s recent decisions represent a critical moment. Such choices are not easy, but they create opportunities for a new path. The World Bank stands ready to continue supporting Nigeria in maintaining these reforms and increasing their impact,” he said.He described the Renewed Hope Ward Development Programme as a promising initiative but stressed the importance of building on proven structures.

With a focus on securing fair treatment in international trade and finance, Nigeria has advocated for a restructuring of the global economic system. During the Al Ula Conference in Saudi Arabia, Finance Minister Wale Edun emphasized the need for emerging market economies to have a stronger role in shaping the evolving global economic order. He pointed out that the existing global economic framework does not reflect contemporary realities, warranting adjustments to elevate the voices of developing nations. Edun highlighted the significant contributions of Gulf countries to global trade and finance, stressing Nigeria's commitment to fostering partnerships that aim for a more equitable financial system. He argued that a reformed global economic structure would facilitate faster growth, job creation, and improved living standards within emerging markets. The conference convened policymakers and financial experts to discuss strategies for navigating global economic challenges, showcasing Nigeria's intent to actively participate in dialogues that prioritize the interests of developing economies.