Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government will soon begin a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) as part of sweeping economic reforms aimed at increasing transparency and investor confidence.
Edun made this announcement during the Nigerian Investor Forum held on the sidelines of the IMF/World Bank Spring Meetings in Washington DC.
He said the recent leadership changes at the NNPC signal the government’s determination to restructure and sanitize the national oil company, long plagued by allegations of opacity and mismanagement.
Reforms to Attract Investment
Speaking to top-tier global investors, including J.P. Morgan, Edun highlighted bold policy reforms introduced by the administration of President Bola Tinubu.
“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting 7% annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” he said.
He noted that Nigeria’s GDP grew by 3.84% in Q4 2024, with an annual growth of 3.4%, and stressed the administration’s determination to stay the course on economic reforms.
Focus on Agriculture and Infrastructure
Agriculture, Edun said, remains top priority as the government seeks to close the food supply gap through support for local producers and innovation—not importation.
The minister also unveiled key infrastructure initiatives, including the rollout of 90,000km of fibre optic cables to expand internet access and boost the digital economy.
“This will empower our youth and position Nigeria as a hub for tech innovation,” he added.
Additionally, 4,000km of roads have been earmarked for private sector participation, with the first 1,000km already approved for construction.
Positive Economic Signals
Edun told investors that Nigeria is beginning to see results: a reduced budget deficit, improved trade balance, and a more stable exchange rate—all signs of growing macroeconomic stability.
“We said we would do it, and now we have done it. This time, we’re staying the course,” he assured.
