The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said that the Nigeria’s key macroeconomic indicators has recorded significant improvements due to market-driven policies introduced by the present administrationz
Edun said this at the 5th meeting of the Arab Africa Trade Bridge (AATB) Board of Governors (BoG), high-level roundtable, Abuja on Friday.
Theme “From tariff challenges to trade opportunities: leveraging AFCFTA for Arab African economic integration.
“We now have an economy where the major macro prices of petroleum products and foreign exchange are market driven.
“This has provided a basis for standardisation, with inflation beginning to ease, GDP growing, reserves rising sharply, and a positive trade balance,” the minister said.
Edun said that the reforms has given Nigerian enterprises a more competitive platform, particularly in the non-oil export sector, resulting in increased trade opportunities for SMEs and millions of citizens participating in productive activities.
He said that attracting investment especially international capital into strategic sectors like oil and gas — requires stability, profitability, and a level playing field.
“If you want investment, you must speak to what investors need. These incentives are essential, especially for high-demand sectors,” the minister said.
Edun, who is also the Chairman of the AATB BoG, reiterated the government’s commitment to building a business environment that promotes innovation, lowers costs, and enables SMEs to thrive.
The Minister of State for Finance, Dr Doris Uzoka-Anite, said the various reforms across fiscal, monetary, and structural sectors has stabilised the economy and restored investor confidence.
“Macroeconomic stability is the foundation for trade growth.
“The reforms helped stabilise the market, and that is why we are now witnessing the growth trajectory being recorded.
“Without these difficult but necessary reforms, the current gains will not have been possible,” she said
Uzoka-Anite said that the critical role of Nigeria’s 1.3 million SMEs, as the engine of national growth.
According to her, the removal of multiple foreign exchange windows and the move towards a unified FX market has helped SMEs plan better, improved pricing transparency, and boosted liquidity.
“With more FX liquidity, SMEs can now plan their businesses better, especially those importing machinery,” she said.
The minister also outlined ongoing initiatives to reduce the cost of doing business, particularly in the areas of infrastructure, logistics and power long-standing barriers for Nigerian SMEs.
Uzoka-Anite said that the adoption of Compressed Natural Gas (CNG) for transport, which is reducing transportation costs for businesses, as new energy initiatives aimed at delivering more affordable and reliable power.
“Power accounts for nearly 60 per cent of the cost of business in Nigeria.
” With reforms in the power sector, increased generation, and the rollout of meters under the Presidential Metering Initiative, businesses will soon access lower-cost and more stable electricity,” she said.
Uzoka-Anite said that the strengthened revenue mobilisation efforts driven by digitisation and ongoing tax reforms, would improve government’s ability to invest in essential infrastructure such as roads, water, and energy.
She said that the government agencies like as the Bank of Industry (BoI) and Bank of Agriculture (BoA) are being repositioned to expand concessionary financing for SMEs, addressing one of the sector’s biggest challenges.
“We are revitalising these institutions to give SMEs the firepower they need to grow.
“Access to finance remains one of the biggest hurdles, and we are acting decisively to fix it,” Uzoka-Anite said.
According to her, the government has also expanded trade facilitation mechanisms and modernisation projects to help SMEs navigate import and export processes more efficiently.
“With multiple reforms working together to boost economic output, the impact will naturally translate into better conditions for households, businesses, and the entire economy,” Uzoka-Anite said.
The Chairman of BOI Board, Dr Mansur Muktar, said that BOI was not just financiers but are architects.
He said that the capacity to mobilise and channel resources to support industries were key.
