Private sector, engine of Nigeria’s recovery - Edun

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has strongly reaffirmed the private sector as the primary driver of Nigeria’s economic revival.

Speaking at the 60th Anniversary and 55th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja on Tuesday, Minister Edun underscored the importance of decisive, government-led reforms in shaping the nation's economic landscape.

Edun commended ICAN for six decades of professional excellence and integrity.

He noted that under President Bola Ahmed Tinubu’s leadership, a series of bold reforms are working to restore credibility and drive productivity across key sectors, ushering in a new era that rewards innovation and enterprise over rent-seeking.

The Minister pointed to several figures indicating the positive impact of these reforms.

He highlighted that GDP grew by more than 4% in the second quarter of 2025, while industrial output rose 7.45%. Furthermore, inflation has shown signs of easing, dropping to 20.1% in August.

The nation's trade balance also reflects renewed competitiveness, with a record ₦7.4 trillion trade surplus. Financial metrics have improved as well: foreign reserves have strengthened to $42 billion, and the naira has achieved greater stability, narrowing the gap between the official and parallel exchange markets.

For the business community, Edun stressed that the government’s reforms are fundamentally designed to build a foundation of transparency, predictability, and accountability.

Acknowledging that the private sector accounts for 90% of GDP, he emphasized, "Government’s role is to enable, not crowd out, enterprise."

Looking ahead, Minister Edun reaffirmed the government’s ambitious target to achieve 7% GDP growth through strategic initiatives.

These plans include significant investment in infrastructure, expansion of export capabilities, strict fiscal discipline, and the implementation of digital public financial management systems.

The ICAN conference, he concluded, remains a vital forum for ongoing dialogue concerning national reforms, professional ethics, and sustainable development.