- Minister Wale Edun announced a forensic audit of NNPCL at the Nigerian Investor Forum in Washington DC
- Edun showcased economic reforms and Nigeria's 3.4% growth to reassure global investors of progress
- Infrastructure and agriculture were prioritised, with 90,000km of fibre optic cables and major road projects launched
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) will soon begin.
Edun made this known during the Nigerian Investor Forum, held alongside the IMF/World Bank Spring Meetings in Washington DC.
He stated that the recent changes in NNPCL’s leadership were part of wider efforts by the Federal Government to examine and reform the company.
While addressing global investors, including representatives from J.P. Morgan, Edun outlined key reforms introduced by the administration of President Bola Tinubu to revive the economy and build investor confidence.
He said the government’s economic measures had laid a strong foundation for attracting private investment, with a growth target of seven per cent annually. He reported that the Nigerian economy grew by 3.84 per cent in the fourth quarter of 2024 and recorded overall annual growth of 3.4 per cent.
Edun described the reforms as “unprecedented” and affirmed the government’s commitment to continue implementing them. He noted improvements in the country’s budget deficit, trade balance, and exchange rate stability.
He added that the focus had shifted to strengthening key sectors such as agriculture and infrastructure. On agriculture, he said the government aimed to close the food supply gap by increasing domestic production rather than relying on imports.
In terms of infrastructure, Edun announced the rollout of 90,000 kilometres of fibre optic cable to expand internet access, particularly for the benefit of young Nigerians and technology startups.
He also said that 4,000 kilometres of roads had been earmarked for private sector participation, with 1,000 kilometres already approved for construction.
Nigeria’s Finance Minister Edun says financial sector grew by 30% in first half of 2024
Meanwhile, TheRadar earlier reported that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that the Nigerian financial sector had experienced a remarkable recovery, with growth exceeding 30% in the first half of 2024.
Wale noted an improvement in the country's Gross Domestic Product (GDP), with growth rising from 3% in the first quarter to 3.2% in the second quarter of 2024.
