President Bola Tinubu is dedicated to achieving rapid, sustained, and inclusive economic growth that will lift millions of Nigerians out of poverty.
This was stated by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, while briefing State House Correspondents after the fifth Federal Executive Council, FEC, meeting on Monday.
Mr Edun emphasised that the President was committed to ongoing macroeconomic reforms, which had shown promising signs of the economy turning a corner.
He mentioned that at the World Bank/IMF Spring Meetings in Washington D.C., it was confirmed that Nigeria was on the right track.
He said the affirmation came even before Fitch upgraded Nigeria’s credit rating from B- to B with a positive outlook.
The Minister further explained that the IMF acknowledged Nigeria’s economic resilience, which was bolstered by macroeconomic reforms, enabling the country to cope with challenges like the introduction of reciprocal tariffs in the U.S.
Additionally, Mr Edun revealed that the FEC ratified Nigeria’s membership of the Asian Infrastructure Investment Bank (AIIB) as a non-regional member.
He said Nigeria was invited to join AIIB in 2021, and the legal and administrative process, including share payments, had been completed.
“The country now holds 50 shares in the bank, valued at 100,000 dollars each, totaling 5 million dollars.
“The approval was for us to subscribe to 50 shares of the capital stock within AIIB,” he said.
NAN
