Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed that President Bola Ahmed Tinubu’s far-reaching economic reforms are finally beginning to deliver tangible results across key sectors of the economy. Speaking on the current state of the nation’s economy, the minister highlighted a notable reduction in the cost of staple food items, especially rice, which he said has dropped significantly from ₦120,000 to ₦80,000 per bag.
According to Wale Edun, the administration’s economic policies, though initially challenging for citizens, have now started to stabilize market forces and restore confidence in the economy. He emphasized that President Tinubu’s strategic interventions—such as fiscal tightening, exchange rate reforms, and renewed focus on agriculture and local production—have placed Nigeria “firmly on the right path” toward sustainable growth and prosperity after months of economic turbulence.
The finance minister further revealed that aside from rice, other essential commodities like garri, pepper, and tomatoes have also recorded price reductions in various parts of the country. He attributed this gradual relief to improved supply chains, increased local production, and the government’s continuous monitoring of food distribution networks to prevent exploitation and price manipulation by middlemen.
Wale Edun’s remarks were contained in a publication titled Nigeria Turns Towards Prosperity, written by Bayo Onanuga, the Special Adviser on Information and Strategy to the President, and shared by the minister through his official channels. The publication aimed to provide Nigerians with a detailed overview of the progress recorded so far under Tinubu’s administration, as well as the vision driving the nation’s long-term economic transformation.
In the statement, Edun reflected on his personal experience and the government’s collective efforts, saying, “In this role, I often feel a mix of emotions: deep pride in our national journey, regret over the opportunities we failed to seize, and confidence in our direction of travel today.” He added that despite past policy missteps and lingering challenges, Nigeria has overcome the most difficult stage of its economic recovery process. “The road ahead will demand hard work and discipline, but we are firmly on the right path,” he assured.
The article further explained that when President Tinubu assumed office in 2023, Nigeria’s economy was teetering on the brink of fiscal collapse. The administration inherited massive debt, dwindling foreign reserves, fuel subsidy burdens, and a volatile exchange rate system. However, through a series of bold and sometimes unpopular reforms, the government claims to have restored macroeconomic stability, improved foreign reserves, and reduced dependence on imports.
According to the government, these reforms are gradually stabilizing inflation, improving investor confidence, and encouraging the return of manufacturing activities that had previously slowed due to foreign exchange scarcity. The Central Bank’s renewed monetary coordination and the introduction of transparent FX management have also been cited as major steps toward economic normalization.
Nevertheless, public opinion remains divided. While government officials maintain that progress is evident in statistical data and fiscal indicators, many Nigerians argue that the improvements have yet to reflect in their daily living conditions. In several markets across the country, a bag of rice is still being sold for above ₦90,000, depending on the brand, region, and transportation costs.
For most citizens, the true measure of success will be when food prices, transportation costs, and utility bills return to affordable levels. Until then, many remain cautiously optimistic but unconvinced about the government’s claims. Still, Wale Edun insists that Nigeria is “turning the corner” economically, stressing that consistency, discipline, and patience will soon yield the prosperity Nigerians have long hoped for.
He concluded by reaffirming the administration’s commitment to economic inclusivity, job creation, and poverty alleviation. The minister called on Nigerians to support the ongoing reforms and maintain faith in the process, noting that the nation’s journey to prosperity is “a shared responsibility that requires collective effort, sacrifice, and perseverance.”