FG committed to making economic reforms work for poor Nigerians — Edun

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the Federal Government’s commitment to ensuring that the benefits of ongoing economic reforms directly impact the poor and vulnerable across the country.

Speaking at the Oxford Global Think Tank Leadership Conference in Abuja on Tuesday, Edun acknowledged that Nigerians are facing rising costs of living, but assured that targeted interventions have been designed to cushion the impact of reforms and promote inclusive growth.

According to the minister, the government has implemented a digital, transparent, and accountable system to deliver direct financial support to 15 million households nationwide.

“Each beneficiary is identified by name and national identity number, and payments are made directly to bank accounts or mobile wallets,” Edun explained, adding that the initiative allows the government to track disbursements in real time.

He revealed that the government would soon publish data showing the names of beneficiaries who have received the first, second, and third tranches of payments, to reinforce transparency and public confidence in the programme.

Beyond the cash transfers, Edun disclosed that a ward-based development initiative is underway to channel resources, information, and funding to all 8,809 wards across Nigeria’s 774 local government areas.

“The programme will empower economically active people at the community level by supporting small businesses, cottage industries, and local entrepreneurs to boost production and create sustainable livelihoods,” he said.

The minister added that the reforms aim not only to stabilize the economy but also “ensure that their benefits reach right down to the lowest levels of society.”

He praised Nigerian youths for embracing empathy, integrity, and responsibility, values he described as essential for leadership and nation-building.

Edun commended the conference organisers for promoting dialogue on leadership, saying the administration’s goal is to build an inclusive economy where every citizen feels the positive impact of reforms.

Former Director-General of the Securities and Exchange Commission (SEC) and Founder of the Oxford Global Think Tank, Ms. Arunma Oteh, called for urgent measures to mobilize long-term capital, close the country’s infrastructure gap, and decentralize the management of mineral resources to drive sustainable growth.

Oteh, who also served as a Vice President at the World Bank, said Nigeria’s economic progress depends on its ability to attract “reasonably priced, patient, long-term capital” to support both the public and private sectors.

Citing international comparisons, she noted that while China invests about 24 percent of its GDP in infrastructure, Nigeria allocates only 4–5 percent, a ratio that must rise to at least 12 percent of GDP to achieve meaningful progress.

“If we want to bridge our infrastructure gap, we must increase investment significantly,” Oteh stated.

She urged the Central Bank of Nigeria (CBN) and the Finance Ministry to scale up efforts to raise capital that supports small businesses and public infrastructure.

“Small businesses need affordable financing, and the government must invest more in roads, power, and logistics to move goods to markets,” she said.

Highlighting Nigeria’s untapped mineral wealth, Oteh noted that the country has at least 40 commercially viable minerals but continues to rely heavily on oil revenues.

“We must ask why we are not exporting these minerals in commercial quantities. Mineral resources should be decentralised so that states can develop and benefit from their natural endowments. That’s how to diversify revenue and create jobs,” she said.

Oteh announced that the Oxford Global Project would publish a special report titled “Reforming Africa’s Mineral Sector to Prosper Africa,” reflecting growing international interest in the continent’s natural resource potential.

She also underscored the need for leadership rooted in values, saying Nigeria’s transformation requires leaders with character, compassion, competence, and courage.

“Leadership is about doing the right thing even when it’s hard. With such leadership, Nigeria’s next generation will take the country to greater heights,” Oteh said, urging collaboration between government, business, and citizens to build a prosperous future.

Also speaking at the event, former CBN Governor and Emir of Kano, Sanusi Lamido Sanusi, said Nigeria’s present economic hardship is the cumulative outcome of delaying the removal of fuel subsidy for over a decade.

Sanusi explained that while the current difficulties are expected, they are a necessary step toward correcting years of economic distortion.

“If you pay ₦65 per litre and suddenly pay ₦160, there will be hardship. Leadership must recognise such costs and mitigate them, not avoid reform altogether,” he said.

He argued that the fuel subsidy was effectively a “hedge” arrangement that exposed the government to unlimited financial risk, as it bore the cost of oil price and exchange rate fluctuations for over 200 million citizens.

“It was not a subsidy but the worst form of derivative—an open-ended hedge,” he said. “At one point, we were borrowing money to pay subsidies and even the interest on those loans — a path to bankruptcy by policy.”

Sanusi recalled warning in 2012 that postponing subsidy removal would worsen inflation and debt.

“If we had removed it then, inflation would have risen slightly and stabilised. Now, inflation is above 30 percent — this is the cost of delay,” he remarked.

He, however, commended the current CBN Governor, Mr. Olayemi Cardoso, describing him as a “competent and principled professional” who is steering the institution toward stability.

“The central bank’s duty is not to create growth or jobs, but to ensure stability and an environment conducive to growth — and I believe the current leadership is achieving that,” he said.

The conference highlighted a shared message among Nigeria’s financial and policy leaders: the country’s economic renewal depends on inclusive reform, transparent governance, and long-term investment in infrastructure, human capital, and leadership integrity.