By Ogungbayi Beedee Adeyemi
adeyemi@ddnewsonline.com
In a triumphant return to the spotlight after a debilitating illness that sidelined him for weeks, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared the nation’s toughest economic phase “firmly behind us,” spotlighting a roaring 4.23% GDP growth in Q2 2025 the strongest quarterly expansion in a decade outside the post-COVID rebound.
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Edun, 69, who was rushed abroad in October for medical treatment amid rumors of a serious health scare, addressed the Federal Executive Council (FEC) on Thursday, visibly recovered and radiating optimism. His briefing the first since his return painted a vivid “comeback story,” crediting President Bola Tinubu’s reforms for igniting investor confidence, slashing inflation to 18%, and ballooning foreign reserves to a 2019 peak of $43 billion.
“This is more than numbers it’s the foundation for inclusive growth that touches every Nigerian,” Edun said, his voice steady as he thanked Tinubu and colleagues for their support during his “indisposition.” The minister, who stepped down from IMF/World Bank meetings in Washington to recuperate, described his health journey as a metaphor for the economy: “From a low point to renewed vigor Nigeria has turned the decisive corner.”
Edun’s narrative traces Nigeria’s arc from 2023’s “existential crisis” crippled by fuel subsidies, multiple exchange rates, and hyperinflation to today’s “path of prosperity.” Key wins include:
Metric 2023 Crisis Q2 2025 Progress Impact
GDP Growth ~1.5% (stagnant) 4.23% (decade high) 13 sectors >7% growth; industry up to 7.45%
Inflation 34%+ (skyrocketing) 18% (6-month decline) Fuel prices falling; food/transport relief incoming
Foreign Reserves ~$33B (depleting) $43B (2019 peak) Naira stabilized at ₦1,458/$
Eurobond Subscription Undersubscribed Oversubscribed Global trust despite headwinds
Cash Transfers None 8.1M households Aiming for 15M; cushions reforms
The IMF and World Bank have upgraded Nigeria’s outlook, with improved credit ratings signaling “reform success.” Edun spotlighted the Nigeria Tax Act 2025, signed in June, for broadening the base while shielding low earners a “progressive shield” against evasion.
Edun’s October ordeal first to Lagos, then the UK for “officially sanctioned rest” from economic “rigours”sparked replacement whispers. Bayo Onanuga, Tinubu’s media aide, quashed them: “No cause for alarm; he’s recuperating.” By Sunday, videos showed a spry Edun in Abuja, hosting Qatar’s delegation on trade ties.
Tinubu, in response, vowed to “crush terrorism” while deepening partnerships, praising Edun’s “unwavering commitment.” “Even in political headwinds, our partners trust us,” the President said, nodding to the Eurobond surge.
Edun didn’t sugarcoat: “Progress is measured by food and transport prices, not just data.” He pledged focus on job creation, poverty cuts, and fiscal space via RevOp a revenue assurance program targeting leakages.
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Critics like PDP’s Debo Ologunagba call it “rosy stats amid hardship,” but Edun countered: “The hard phase is over; now, shared prosperity.”
As Edun eyes 2025’s “rewards,” Nigerians watch: Will the comeback deliver for the streets?
DDNewsOnline