Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has outlined the federal government’s bold strategy to revitalize the economy and focus on improving citizens’ welfare.
In a recent TV interview, Edun highlighted the government’s dedication to food security, emphasizing efforts to make nutritious food both affordable and accessible to all Nigerians. He shared that the administration is tackling food prices through both reserve utilization and import facilitation.
He explained that this strategy, supported by the President’s resolve, aims to make food more readily available and reduce living costs. Edun noted that enhancing food production is essential for addressing inflation.
He further stated, “By bringing down inflation, we expect the exchange rate to stabilize, interest rates to fall, and the economy to improve. This will create a favorable environment for investment, boost productivity, and generate jobs, which are crucial for poverty reduction.”
Edun also discussed major funding strategies aimed at aiding businesses of all sizes. One significant initiative includes an $800 million loan from the World Bank’s International Development Association (IDA), which features a 40-year term and a low 1 percent interest rate. This favorable loan, combined with additional federal budget allocations, provides highly accessible financing.
The government has rolled out various financial support programs for businesses. Nano enterprises are eligible for grants of N50,000, while small and medium-sized enterprises can access up to N1 million at a 9 percent annual interest rate. Larger medium-sized businesses can secure up to N1 billion on similar terms. Additionally, to reduce operational costs, the government is implementing import waivers and removing withholding taxes for the manufacturing sector and small businesses.
