President Bola Tinubu remains committed to driving sustainable and inclusive economic growth aimed at lifting millions of Nigerians out of poverty, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Speaking to journalists after the fifth Federal Executive Council (FEC) meeting on Monday, Edun emphasized that the administration’s macroeconomic reforms are beginning to yield positive results.
He highlighted that during the recent World Bank/IMF Spring Meetings in Washington D.C., international financial bodies acknowledged Nigeria’s progress and confirmed that the country is heading in the right direction.
Edun also referenced Fitch Ratings’ recent upgrade of Nigeria’s credit rating from B- to B with a positive outlook as further evidence of growing investor confidence.
The minister noted that the International Monetary Fund (IMF) praised Nigeria’s ability to navigate global economic challenges, attributing this to recent reform efforts that have strengthened the country’s resilience.
In another development, Edun announced that the Federal Executive Council had officially approved Nigeria’s membership in the Asian Infrastructure Investment Bank (AIIB) as a non-regional partner.
He said the country was invited to join the bank in 2021 and had since completed all necessary legal and financial requirements. Nigeria now holds 50 shares in the bank, each valued at $100,000, amounting to a total investment of $5 million.
“This approval means Nigeria has successfully subscribed to 50 shares in AIIB’s capital stock,” Edun confirmed.
