Wale Edun, the minister of finance, says the federal government will review tariffs and import restrictions as part of the next phase of economic reforms aimed at boosting productivity and investment.
Edun, who is also the coordinating minister of the economy, spoke on Thursday at the federal executive council (FEC) meeting, presided over by President Bola Tinubu.
He said a detailed review of the federation and federal balance sheets is underway to optimise asset management for inclusive growth.
“The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and investment,” the minister said.
“We are improving fiscal reporting and budget realism, tightening expenditure frameworks and ensuring reforms gains are made available to all Nigerians.”
Edun said the reforms implemented under Tinubu’s ‘renewed hope’ agenda — though bold and sometimes unpopular — are rooted in the vision of building a competitive economy that attracts investments, creates jobs and lifts millions out of poverty.
He said Nigeria’s gross domestic product (GDP) grew by 4.23 percent in the second quarter (Q2) of 2025, the highest in a decade outside the COVID rebound.
The minister said 13 sectors recorded growth above 7 percent, up from nine in the previous quarter –showing broad-based resilience.
“The industrial sector nearly doubled its growth from 3.72 percent to 7.45 percent, reflecting rising productivity and investor confidence,” he said.
“Inflation eased to 18 percent, while, as we know, foreign exchange reserves topped 43 billion, and our trade surplus topped 7.4 trillion. Clear examples of macroeconomic stability.”
The finance minister said the successful issuance of tthe $2.25 billion eurobond, in which the orderbook peaked at over $13 billion, reflects continued investor confidence in Nigeria’s economic reforms despite political headwinds.
“The market shrugged off those political considerations and focused on the economic fundamentals of Nigeria,” he said.
