Nigerian govt promises to reduce inflation, create more jobs

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said on Saturday that the Federal Government plans to reduce the inflation rate to a single digit and create more jobs in the country.

Edun stated this at a press conference addressed by the Nigerian economic team, as part of activities marking the end of the 2025 International Monetary Fund (IMF) and World Bank Spring Meetings in Washington D.C.

He said the government was collaborating with development partners like the World Bank to create jobs for Nigerians in pursuit of sustainable employment and poverty eradication.

The minister said: “The objective is to create jobs locally, empower youths, and support them through essential infrastructure.

“That includes digital infrastructure, access to data, internet, and fibre optic networks, to enable them to work remotely.”

Edun said the country’s unemployment rate had dropped to 4.3 percent in the second quarter of 2024 from 5.3 percent in the first quarter of the same year.

He stressed that Nigeria is well-positioned to survive the economic shocks despite heightened tensions, inflation, and declining global growth.

The minister argued that President Bola Tinubu’s reforms are working, and the results are commendable.

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the government acknowledged the impact of inflationary pressures on the country.

“We recognise that inflation remains the most disruptive force to the economic welfare of Nigerians.

“Our policy stance is firmly focused on bringing inflation down to single digits in a sustainable manner over the medium term,” Cardoso said.

The CBN governor said that the painful reforms embarked upon by the country were now yielding positive results.

“At the IMF meetings, the nation was a reference point of how reforms could change the economic trajectory of a nation for the better.

“The reforms are not easy, but they are delivering results. We have moved from a position of vulnerability towards one of growing strength,” he added.

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