Exclusive Interview: Nigeria Finance Minister Wale Edun On Reforms

For many Nigerians, 2024 was a year of struggle. The countrys inflation rate surged for the third consecutive month in November to reach 34.6, the highest level in over 28 years, according to data from the statistics agency.

The inflation has been exacerbated by recent floods in the countrys northern regions, which have caused prices of staple foods like yam, corn, and rice to soar. Rising gasoline costs have also contributed to the price pressures in Africas largest crude oil exporter.

President Bola Tinubus decision to allow the naira to devalue and cut fuel subsidies in a bid to boost economic growth have been likened to bitter medicine for an economy long in need of reform.

In an exclusive interview, finance minister Wale Edun, who has coordinated the reforms since assuming his position in August 2023, tells African Business why he thinks that the economy is about to turn the corner - and why sticking the course will allow Nigeria to reap the rewards in 2025 and beyond.