Nigeria’s economy thriving with $55bn in non-oil exports, says Wale Edun

Nigeria’s Finance Minister, Wale Edun, has reassured citizens that the economy is thriving under President Bola Tinubu’s leadership, highlighting an impressive $55 billion in non-oil exports achieved last year.

Edun shared this during a press briefing at the State House in Abuja on Tuesday, following President Tinubu’s meeting with the Council of State.

Edun emphasized that the rise in exports has generated a trade surplus, signaling a positive outlook as both local and foreign investors increasingly return to the economy.

acknowledged the challenges posed by high inflation but noted that investors are still creating significant opportunities, particularly in infrastructure.

“In broad terms, the economy is growing. The balance of payment, trade balance, and current account balance are all in surplus. The exchange rate is stabilizing, and although inflation remains uncomfortably high for the President and his team, it is slowing and expected to decline,” Edun said.

He also pointed out that foreign direct investment is beginning to recover, with the government focusing on stabilizing the economy and fostering growth.

“We identified in the meeting that we had non-oil exports at $55 billion last year, with tremendous room to grow,” he added.

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Additionally, Edun mentioned the government’s emphasis on the service sector to create employment opportunities for young Nigerians, especially in outsourcing services like software, accounting, and computer services that can be provided remotely.

He assured that the government will continue supporting the economy through strategic interventions aimed at reducing the high cost of living caused by rising inflation.

For over four decades, Nigeria’s economy has heavily relied on crude oil exports, which make up 85% to 90% of the country’s total exports. Despite various government initiatives to boost non-oil exports, the results have been mixed, with the economy remaining highly import-dependent.

However, the first quarter of 2024 saw a significant trade surplus of N6.2 trillion, indicating a positive shift in export performance.

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