Oluwafunbi Bello 
Minister of Finance, Wale Edun
ABUJA, Nigeria – Nigeria can no longer rely on foreign capital to drive its economic ambitions and must aggressively mobilise domestic resources, Finance and Coordinating Minister of the Economy Wale Edun warns.
Speaking at a news conference in Abuja on Friday, Edun says the global financial system has become increasingly hostile to developing countries. He cites 2024 data showing developing nations pay $163 billion in debt servicing while receiving only $139 billion in foreign investment and aid, leaving a net outflow that undermines growth.
“In an era of slow global growth and high interest rates, we are largely on our own,” Edun says. “We must mobilise domestic revenues, boost productivity, attract investments and create jobs to reduce poverty.”
Edun, who recently represented Nigeria at G-24 meetings where the country holds the chairmanship, says the discussions expose a retreat from multilateral cooperation, with poorer nations bearing the brunt.
Domestically, however, he points to improving economic indicators, noting that GDP growth rose from 3.1 per cent in Q1 2025 to 4.23 per cent in Q2, before moderating to 3.98 per cent in Q3. He projects fourth-quarter growth of up to 4.5 per cent and sets a long-term target of seven per cent annual growth.
He highlights Nigeria’s gradual shift away from oil dependence, with oil now contributing less than four per cent of GDP and about 65 per cent of exports, down sharply from previous years.
Edun attributes recent stability to Central Bank monetary tightening and welcomes President Bola Tinubu’s directive mandating direct remittance of certain oil revenues to the federation account, describing it as a boost to fiscal federalism.
About the Author
Oluwatobi Adu 
Koko Maxwella 
Mirian Gom 