Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said President Bola Tinubu’s economic policies have placed Nigeria “firmly on the right path,” citing a drop in the price of rice from ₦120,000 to ₦80,000per bag compared to last year.
Edun also claimed that the prices of garri, pepper, tomatoes, and other essentials have declined in recent months.
In a piece titled “Nigeria Turns Towards Prosperity,” shared by Presidential Adviser on Information and Strategy Bayo Onanuga, the minister acknowledged that while the country still faces “tough realities,” the economy is beginning to show signs of stability and progress.
“Despite some historical shortfalls and present-day challenges, I believe the most difficult phase of our economic journey is behind us. Nigeria has turned a decisive corner,” Edun wrote.
“The road ahead will demand hard work and discipline, but we are firmly on the right path.”
He recalled that when President Tinubu assumed office in 2023, Nigeria’s economy was on the brink of collapse due to fuel subsidy distortions, multiple exchange rate regimes, and rising inflation.
According to Edun, key indicators now show macroeconomic recovery:
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GDP grew by 4.23% in Q2 2025.
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Inflation has moderated to 18.02% after six consecutive months of decline.
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The exchange rate has stabilized, with the gap between the official and parallel markets narrowing to about 1%from nearly 70%.
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Foreign reserves have climbed above $43 billion, the highest level since 2019.
Edun stressed that the administration is aware that citizens judge progress not just by data but by the cost of living. He said targeted interventions are now easing the burden of food inflation, while government programmes are being implemented to support smallholder farmers and ensure sustainable agricultural production.
“We are careful to ensure our smallholder farmers have enough incentives to return to farms next planting season,” he added.
