President Bola Tinubu is dedicated to achieving rapid, sustained, and inclusive economic growth to lift millions of Nigerians out of poverty.
This was stated by finance and economy minister Wale Edun while briefing State House correspondents after the fifth Federal Executive Council meeting on Monday.
The minister stated that Mr Tinubu was committed to ongoing macroeconomic reforms, which had shown promising signs of the economy turning a corner.
He mentioned that at the World Bank/IMF Spring Meetings in Washington D.C., it was confirmed that Nigeria was on the right track.
He said the affirmation came even before Fitch upgraded Nigeria’s credit rating from B- to B with a positive outlook.
The minister further explained that the IMF acknowledged Nigeria’s economic resilience, which was bolstered by macroeconomic reforms, enabling the country to cope with challenges like the introduction of reciprocal tariffs in the U.S.
Additionally, Edun revealed that the FEC ratified Nigeria’s membership of the Asian Infrastructure Investment Bank as a non-regional member.
He said Nigeria was invited to join AIIB in 2021, and the legal and administrative process, including share payments, had been completed.
“The country now holds 50 shares in the bank, valued at $100,000 each, totalling $5 million. The approval was for us to subscribe to 50 shares of the capital stock within AIIB,” he said.
(NAN)
