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*Says affordable food, jobs now focus of reforms
*Reforms eliminated distortions, level playing field for investors
*Defends ₦152trn debt, cites transparency reforms
By Babajide Komolafe
Nigeria’s exit from the European Union’s high-risk third-country list is a major boost for investor confidence, the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, has said, as the government moves to prioritise affordable food, housing, and job creation in the next phase of reforms.
Speaking in Lagos yesterday at the NESG 2026 Macroeconomic Outlook Presentation, Edinburgh said: “Exiting the EU high-risk list is a landmark achievement for Nigeria,” Edun told the NESG 2026 Macroeconomic Outlook Presentation. “It sends a clear signal to investors that Nigeria is serious about maintaining a stable, credible, and transparent business environment.”
On the government’s reform priorities, Edun said, “Our focus now is on ensuring that ordinary Nigerians feel the benefits of reform — through more affordable food, access to housing, and productive jobs.”
He explained that these reforms were built on measures that eliminated distortions that had previously skewed the economy. “For too long, access to foreign exchange and subsidised petroleum products created an uneven playing field,” he said. “Those distortions are gone. Today, investors operate in a transparent environment where success is driven by productivity and innovation, not rent-seeking.”
Edun also defended the ₦152 trillion public debt, stressing that recent adjustments reflected transparency reforms rather than new borrowing. “About ₦30 trillion previously off the books has now been fully recognised,” he said. “Dollar-denominated debt movements and exchange rate adjustments account for the remainder. These are not fresh borrowings; they are steps to improve fiscal accountability and transparency.”
Highlighting fiscal and structural reforms, Edun said, “We have digitised revenue collection, deployed real-time treasury monitoring, and strengthened state-level financial positions. Many states now run budget surpluses exceeding three per cent, enabling expanded spending on health, education, and social services.”
He said housing and food security were central to the government’s agenda. “Mortgages are now being issued at less than ten per cent interest,” Edun said. “We are also supporting farmers to boost productivity, reduce costs, and ensure that food is more affordable for all Nigerians.”
Edun stressed the importance of youth and digital inclusion. “Half of Nigeria’s population is under 19 years old. We are investing in digital infrastructure, including 90,000 kilometres of fibre-optic networks, to empower young Nigerians to earn, innovate, and participate in global markets,” he said.
He concluded, “2026 is a pivotal year. The challenge now is to consolidate our gains, maintain policy consistency, and ensure that stability translates into inclusive growth, jobs, and shared prosperity. Nigeria must not only stabilise, it must thrive.”