FG to Review Tariffs and Import Restrictions in Next Reform Phase — Wale Edun

Finance Minister and Coordinating Minister of the Economy, Wale Edun, has announced that the federal government will review tariffs and import restrictions as part of the next phase of economic reforms designed to boost productivity and attract investment.

Speaking after Thursday’s Federal Executive Council meeting chaired by President Bola Tinubu, Edun said the government is conducting a detailed review of national and federal balance sheets to optimize asset management and drive 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,” he said, adding that fiscal reporting and budget frameworks are being strengthened to ensure transparency and equitable distribution of reform gains.

Edun noted that reforms under Tinubu’s Renewed Hope agenda, though sometimes controversial, are focused on building a competitive economy that creates jobs and lifts millions out of poverty. He highlighted that Nigeria’s GDP grew by 4.23 percent in the second quarter of 2025 — the highest rate in a decade outside the COVID-19 rebound period.

According to him, 13 sectors recorded growth above 7 percent, up from nine in the previous quarter, reflecting broad-based economic resilience. “The industrial sector nearly doubled its growth from 3.72 percent to 7.45 percent, showing rising productivity and investor confidence,” he said.

He added that inflation eased to 18 percent, foreign exchange reserves reached $43 billion, and the trade surplus climbed to ₦7.4 trillion — indicators he described as signs of macroeconomic stability.

Edun also cited the successful issuance of Nigeria’s $2.25 billion Eurobond, which drew orders exceeding $13 billion, as evidence of sustained investor confidence. “The market looked beyond political noise and focused on Nigeria’s strong economic fundamentals,” he stated.

Reaffirming the administration’s goal of achieving a ₦1 trillion economy by 2030, Edun said Nigeria must accelerate annual growth to 7 percent by 2027. He emphasized the importance of developing investment-ready projects to attract both domestic and foreign capital, noting that public investment currently stands at just 5 percent of GDP.

He urged ministers overseeing key sectors — including infrastructure, mining, agriculture, health, education, digital innovation, and culture — to collaborate with state governments in identifying projects that can attract large-scale investments.

Edun concluded by stressing that Nigeria must maximize its resources to sustain momentum. “With limited support from multilateral institutions, we must rely more on our own capacity to finance growth and secure the country’s economic future,” he said.