Nigeria’s Minister of Finance, Wale Edun, has announced an ambitious target of achieving a 7% annual Gross Domestic Product (GDP) growth rate to effectively reduce poverty and drive economic recovery. The minister made this declaration on Monday during the Arise TV and KPMG 2025 Budget Insights event in Abuja.
Edun projected a positive economic outlook for Nigeria in 2025, emphasizing President Bola Ahmed Tinubu’s commitment to improving the ease of doing business and leveraging private sector investments to stimulate growth. He highlighted the government’s focus on creating a business-friendly environment to attract both local and foreign investors.
The minister also shed light on the 2025 budget, which stands at N54.9 trillion. According to Edun, the budget is designed to enhance the lives of Nigerians by prioritizing infrastructure development, security, and revenue generation. He noted that the economy has already shown significant progress in 2024, largely due to improvements in the country’s security situation, which he described as an early indicator of broader economic recovery.
“We anticipate further economic growth, with GDP expected to reach 4.6% in 2025. However, to effectively reduce poverty, we aim for an ambitious 7% annual GDP growth,” Edun stated.
The minister’s remarks come amid ongoing efforts by the Tinubu administration to stabilize the economy, address inflation, and create job opportunities for Nigerians. The government’s focus on private sector-driven growth and increased revenue generation has been widely welcomed by stakeholders, who see it as a critical step toward sustainable development.
As Nigeria prepares for the 2025 fiscal year, the ambitious GDP growth target underscores the government’s determination to tackle poverty and position the country as a leading economy in Africa.