Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the country’s economy is experiencing significant progress, revealing that the Gross Domestic Product (GDP) grew by 4.23% in the second quarter of 2025 — the highest in ten years outside the post-COVID era.
Edun shared this during the Federal Executive Council (FEC) meeting held at the Presidential Villa, Abuja, where President Bola Ahmed Tinubu also swore in two new ministers — Dr. Kingsley Udeh from Enugu State and Dr. Bernard Doro from Plateau State. Udeh, who previously served as Enugu’s Attorney General and Commissioner for Justice, replaces Uche Nnaji, while Doro takes over from Prof. Nentawe Yilwatda, now APC’s National Chairman.
Reacting to Edun’s report, President Tinubu praised the resilience of Nigeria’s economy, describing the oversubscription of the $2.3 billion Eurobond as proof of global confidence in the country’s fundamentals. “Despite political headwinds and fear, our partners have continued to engage with confidence,” Tinubu said, pledging continued reforms under the Renewed Hope Agenda to build “a prosperous, inclusive, and resilient Nigeria.”
Edun, who recently recovered from an illness, expressed gratitude for the administration’s support and highlighted several key indicators of improvement. He noted that 13 sectors grew by over 7%, while industrial growth nearly doubled from 3.72% to 7.45%, driven by renewed investor interest. Inflation, he said, dropped to 18%, foreign reserves rose above $43 billion, and Nigeria’s trade surplus reached ₦7.4 trillion.
He further emphasized that Nigerians now spend less than half of their income on basic needs, compared to nearly 90% previously, suggesting gradual improvement in living standards. Edun also celebrated Nigeria’s removal from the FATF grey list, calling it a “confidence boost” for the financial system, with global institutions like the IMF and World Bank upgrading the nation’s outlook.
The announcement reflects growing optimism about Nigeria’s economic direction — one grounded in reform, resilience, and renewed global confidence.
