The Economic Management Team (EMT) has lauded the Central Bank of Nigeria (CBN) for its interventions in the economy. EMT recalled such interventions implemented at a crucial stage of the economy, which restored confidence in the external sector.

Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, who chaired EMT session yesterday, noted positive impact which transparent exchange rate regime brought to bear in economy.

Edun noted a significant rise in foreign reserves, recording a net foreign exchange reserve of $23 billion in 2024, and closing the exchange premium from 65 per cent in 2023 to one per cent in 2024.

A statement issued by Director of information in the ministry Mohammed Manga on EMT session, said Edun highlighted emerging signs of macroeconomic stabilisation — including a narrowing budget deficit, and improved fiscal revenues.

He also noted Nigeria’s recent credit rating upgrade as a clear sign of international confidence in the reform agenda.

“That is a clear, objective indication that things are moving in the right direction,” he affirmed Referencing discussions at the recent IMF-World Bank Spring Meetings, the Minister acknowledged ongoing global uncertainty and domestic fiscal constraints, including a recent drop in oil prices.

He, however, stressed that these challenges underscore the need to accelerate private sector investment and job creation. The Minister urged all public agencies to embrace data-driven, evidence-based policymaking, commending the Central Bank’s approach as a model of transparency.

EMT subcommittees were tasked with continuing their work to shape the next phase of Nigeria’s economic roadmap, to be presented to the President, focusing on unlocking rapid and sustained inclusive growth, with the government targeting seven per cent percent in the medium term.