The ongoing reforms by the President Bola Tinubu’s administration would unlock Nigeria’s economic potential and take people out of poverty.

Minister of Finance and Coordinating Minister of the Economy, Dr. Wale Edun, who spoke at the opening ceremony of the National Council on Finance and Economic Development (NACOFED) 2024 conference yesterday in Bauchi, said the federal government is charting a sustainable pathway to move a lot of Nigerians out of poverty.

According to him, the president is leaving no stone unturned in order to ensure that life is made easy for Nigerians by coming up with policies and programmes that would be beneficial to all.

He assured private investors that the Nigeria economy is now stable and better suited for local production and export growth.

Edun said the key policy changes of the Tinubu-led administration have helped to stabilize the economy and created opportunities for investment and development.

He added that the measures put in place have set the country on a sustainable path toward industrialization and poverty reduction.

He explained that the administration inherited significant economic challenges but wasted no time in addressing them.

Edun added that critical reforms, such as the removal of fuel and foreign exchange subsidies, were implemented to halt an annual economic drain of 5.0 per cent of GDP.

“These subsidies were benefiting only a few people and neighboring countries, while the majority of Nigerians saw no value from them,” Edun said.

He said savings from the reforms are now being channeled into infrastructure development and essential social services like education and healthcare.

Said he: “The federation account is already benefiting from increased resource flows to federal, state, and local governments, enabling broader investment opportunities”.

He highlighted efforts to attract private sector investments, both domestic and foreign, to boost productivity and create jobs.

Edun commended the progress in local petroleum refining, describing it as a significant step in reducing crude exports while providing raw materials for industrial use.

“The road is clear for private sector investors. We now have a more stable, sustainable macroeconomic environment that supports competitive production for the domestic market and export opportunities,” Edun said.

Bauchi State Governor , Sen. Bala Mohammed appreciated the federal government’s decision to host the event in Bauchi.

He also commended Edun’s efforts in addressing Nigeria’s macroeconomic challenges, affecting the lives of ordinary Nigerians.

He urged the federal government to implement more effective strategies to optimize the oil and gas sector for the benefit of the masses.