Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has advocated the establishment of a specialised commercial dispute tribunal to accelerate the resolution of business-related conflicts and improve investor confidence in the country. He argued that a more efficient dispute resolution framework would help unlock capital, reduce investment risks, and strengthen Nigeria’s economic competitiveness.

Speaking at a business and investment forum, Edun noted that lengthy legal processes often discourage investors and delay critical business decisions. According to him, creating a dedicated tribunal focused on commercial disputes would provide faster resolutions, improve contract enforcement, and create a more predictable business environment.

The minister stressed that access to swift and transparent justice is a key factor considered by both local and foreign investors when making investment decisions. He explained that improving dispute resolution mechanisms could support ongoing efforts to attract private capital into strategic sectors of the economy, including infrastructure, manufacturing, technology, and housing.

Edun further highlighted the Federal Government’s commitment to implementing reforms that strengthen the ease of doing business and encourage long-term investments. He said Nigeria must continue modernising its legal and regulatory frameworks to align with global best practices and improve its attractiveness as an investment destination.

Industry stakeholders have long identified slow judicial processes and contract enforcement challenges as obstacles to business growth. Analysts believe that a specialised commercial dispute tribunal could reduce case backlogs, lower transaction costs, and improve confidence among domestic and international investors.

The proposal comes as Nigeria seeks to increase private-sector participation in economic development and mobilise additional capital to support infrastructure projects, job creation, and sustainable growth across multiple sectors.

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Taiwo Oyedele has officially assumed office as Nigeria’s Minister of Finance and Coordinating Minister of the Economy, following a formal handover by his predecessor, Wale Edun.

The transition, which took place on Thursday evening, was confirmed in a statement issued by the Ministry’s Head of Information and Public Relations, Efe Ovuakporie. The handover was completed within the timeline set by President Bola Ahmed Tinubu.

In his inaugural address, Oyedele pledged to build on existing economic reforms while focusing on delivering measurable outcomes across critical sectors of the economy. He emphasised the importance of fiscal discipline, transparency, and improved service delivery as key priorities of his administration.

The new minister also expressed readiness to collaborate closely with the ministry’s management and staff to strengthen policy implementation and drive economic stability.

Oyedele commended Edun for his role in advancing Nigeria’s reform agenda, acknowledging his contributions to fiscal restructuring and macroeconomic coordination. He also thanked President Tinubu for the confidence reposed in him.

Senior officials in the ministry, including Permanent Secretary Raymond Omachi and Permanent Secretary (Special Duties) Mohammed Danjuma, assured the minister of full institutional support in executing government policies.

During Edun’s tenure, the ministry implemented several fiscal reforms aimed at boosting revenue generation, improving inter-agency coordination, and supporting broader economic transformation. However, the period was also marked by challenges, including funding constraints affecting ministries, departments, and agencies, as well as unresolved financial obligations to pensioners and contractors.

The leadership transition comes at a critical time as the federal government seeks to stabilise the economy amid inflationary pressures, debt servicing concerns, and ongoing structural reforms.

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The outgoing Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed gratitude to President Bola Ahmed Tinubu as he prepares to step down from office on Thursday.

In a statement marking the end of his tenure, Edun described his service in the administration as a privilege, noting that he played a significant role in shaping and implementing key economic reforms since May 2023.

He explained that his journey in the administration began as head of the Presidential Transition Committee, followed by his appointment as Special Adviser on Monetary Policy before becoming Finance Minister.

According to him, the administration assumed office at a time of severe economic challenges but worked collectively across government to stabilise the economy and lay the foundation for long-term growth.

“We have worked collectively across government to advance critical reforms that stabilised the macroeconomic environment, strengthened fiscal sustainability, and laid the foundation for inclusive and long-term growth,” Edun stated.

He noted that the impact of the reforms is beginning to show, with economic growth rising from about 2 per cent to over 4 per cent, while inflation has declined significantly from earlier highs.

Edun attributed the improvements to coordinated policy measures and renewed investor confidence, adding that progress was driven by collaboration among members of the Federal Executive Council, state governments, and private sector partners.

He also acknowledged the support of both local and international stakeholders, describing economic reform as a continuous process that requires sustained effort.

“I am proud of what we achieved alongside colleagues in government and our partners, whose work continues to support the nation’s economic transformation,” he said.

While expressing confidence in Nigeria’s economic direction, Edun wished his successor success in continuing efforts to improve the country’s economic outlook.

He added that he remains committed to contributing to national development beyond his time in office.

His exit follows recent changes in the Federal Executive Council, as the administration continues to reposition key economic ministries.

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The Central Bank of Nigeria has defended its recent policy decisions, stating that ongoing reforms have helped cushion the impact of global economic shocks on Nigerians.

CBN Governor Olayemi Cardoso made this known during the Spring Meetings of the World Bank and International Monetary Fund in Washington DC, where he emphasised that the apex bank’s Monetary Policy Committee decisions are guided strictly by data.

According to Cardoso, timely reforms prevented what could have been a far more severe economic outcome for the country.

“If we had not taken the steps we did at the time—and if the reforms had not been implemented when they were—the outcome for the country could have been far more difficult and painful,” he said.

Nigeria’s inflation rate climbed to 15.38 percent in March 2026, reversing a prolonged period of gradual decline. The CBN governor attributed the increase to global pressures, particularly disruptions linked to tensions between the United States and Iran, which drove up energy, transportation, and food costs.

He noted that the central bank had deliberately resisted calls to ease monetary policy prematurely, anticipating external shocks that could destabilise the economy.

“This underscores an important point: members of the MPC have access to data and insights not always visible to the public,” Cardoso added.

Despite the inflationary pressures, the CBN reiterated its commitment to reducing inflation to single-digit levels, expressing confidence that economic stability is gradually taking hold.

“We remain focused on resilience because it directly addresses the concerns of Nigerians,” he said.

Also speaking, Minister of Finance Wale Edun said the country’s reform agenda is proving durable and self-sustaining, helping Nigeria navigate global economic uncertainties.

He highlighted key measures such as the adoption of a market-reflective foreign exchange regime and market-driven petroleum pricing, describing them as critical steps toward stabilising the economy.

Edun added that Nigeria’s reform programme has received positive feedback from international partners, noting that it is strengthening economic fundamentals and restoring investor confidence.

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The Federal Government has announced a ban on the importation of cement, poultry products, pharmaceuticals, and selected agricultural goods from countries outside the Economic Community of West African States.

The directive, contained in a circular issued by the Federal Ministry of Finance, forms part of the 2026 fiscal policy measures and revised tariff framework aimed at strengthening regional trade.

The circular, dated April 1, 2026, and signed by the Minister of Finance, Wale Edun, confirmed that the affected items are included in a 17-product import prohibition list targeting goods originating from non-ECOWAS member states.

According to the ministry, the policy is designed to promote intra-regional trade, support local industries, and reduce dependence on imports from outside the West African bloc.

The government, however, introduced a 90-day grace period for importers who had already initiated transactions before the policy took effect.

The circular stated that importers who had opened Form ‘M’ and entered into irrevocable trade agreements before April 1 would be allowed to complete and clear their shipments within the stipulated period.

The move signals a renewed push by the government to prioritise domestic production and regional economic integration under ECOWAS trade frameworks.

Industry stakeholders are expected to closely monitor the impact of the policy on supply chains, pricing, and local manufacturing capacity in the coming months.

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The Federal Government has ruled out plans to seek financial support from the International Monetary Fund, despite the institution’s proposed $50 billion support package for struggling African economies.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this position clear during a press briefing at the ongoing World Bank/IMF Spring Meetings in Washington, D.C.

Edun stated that Nigeria has no intention, for now, to approach the IMF for additional borrowing, stressing the government’s commitment to managing its economic challenges independently.

“Nigeria has no plan at the moment to approach the IMF for any such burden,” he said.

His comments come shortly after IMF Managing Director, Kristalina Georgieva, disclosed that the global lender is preparing between $20 billion and $50 billion in financial support for countries facing economic strain, particularly in Sub-Saharan Africa.

Georgieva had advised nations under economic pressure to act swiftly when seeking financial assistance, warning that delays could worsen macroeconomic conditions.

While Nigeria is not seeking direct funding, Edun acknowledged that African economies are currently facing heightened vulnerabilities, especially due to global disruptions linked to the Middle East crisis.

According to him, many African countries—particularly oil-importing nations—are disproportionately affected by rising global tensions, which threaten macroeconomic stability, job creation, and poverty reduction efforts.

He noted that these countries require additional support, even though they are not directly responsible for the external shocks impacting their economies.

The IMF chief also highlighted the broader global implications of the crisis, warning that ongoing conflicts and supply chain disruptions could weaken global economic growth.

She projected that global growth could decline from 3.4 percent last year to 2.1 percent in 2026, with a worst-case scenario of 2 percent if current pressures persist.

Georgieva further explained that higher oil prices and disrupted trade routes are already driving inflation and slowing economic expansion worldwide.

Despite these concerns, she revealed that African finance ministers and central bank governors have so far prioritised policy guidance over immediate financial assistance during discussions with the IMF.

Experts say Nigeria’s decision to avoid additional IMF borrowing may reflect concerns over rising debt levels and the conditions often attached to such loans.

The Federal Government has instead continued to focus on fiscal reforms, revenue generation, and economic policies aimed at stabilising the economy without increasing external debt exposure.

The development underscores Nigeria’s cautious approach to borrowing, even as global economic uncertainties continue to mount.

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Nigeria’s economic managers are racing to contain the ripple effects of the ongoing Middle East crisis, as rising oil prices and global market volatility begin to impact the country’s fragile recovery.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Federal Government has activated a series of measures aimed at stabilising the economy amid the global shock triggered by the conflict involving the United States, Israel, and Iran.

According to him, the government is ramping up crude oil production, maintaining a liberalised foreign exchange framework, and strengthening its naira-for-crude policy to cushion the impact on households and businesses.

Edun noted that Nigeria is entering the current wave of uncertainty in a stronger position compared to previous global shocks such as the COVID-19 pandemic and the Russia-Ukraine war, citing reforms introduced since 2023.

The crisis has already triggered sharp volatility in global oil markets, with Nigeria’s Bonny Light crude rising from around $70 per barrel to over $110, driven largely by disruptions in the Strait of Hormuz—a critical global energy corridor.

While higher oil prices could boost Nigeria’s foreign earnings, Edun warned that the situation also poses significant risks, particularly through rising fuel costs, shifting capital flows, and increased global logistics expenses.

Petrol prices in Nigeria have surged by more than 50 per cent, while diesel prices have jumped by over 70 per cent, placing additional pressure on businesses and households already grappling with inflation.

Economic analysts caution that the apparent stability of the naira may be masking deeper vulnerabilities. Market expert Lukman Otunuga said the currency’s resilience has come at a cost, with Nigeria’s foreign reserves declining steadily amid sustained interventions by the Central Bank of Nigeria.

He noted that global investor sentiment has become increasingly risk-averse, with capital flows shifting away from emerging markets like Nigeria due to geopolitical tensions.

Further concerns have been raised over Nigeria’s trade and revenue systems. Former Vice President of the Association of Nigerian Licensed Customs Agents, Kayode Farinto, warned that inefficiencies in new trade platforms could drive up costs for importers, which would ultimately be passed on to consumers.

Similarly, financial analyst David Adonri pointed out that Nigeria’s dual position as both an oil producer and importer limits its ability to fully benefit from rising crude prices.

He explained that despite increased global oil prices, reliance on imported refined products continues to dilute potential gains, leaving the economy exposed to inflationary pressures.

Analysts also warn that prolonged disruptions in global shipping routes and energy supply chains could further increase import costs, intensifying inflation across key sectors of the economy.

Despite these risks, government officials insist that ongoing reforms have improved Nigeria’s economic flexibility, allowing it to better absorb external shocks.

However, experts maintain that while current measures may provide short-term relief, long-term stability will depend on strengthening domestic production, improving trade efficiency, and reducing reliance on imports.

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has endorsed the growing impact of the MOFI Real Estate Investment Fund, describing it as a critical intervention in addressing the country’s housing finance gap.

Speaking after a high-level meeting with officials of the Ministry of Finance Incorporated, Edun said the MOFI Real Estate Investment Fund (MRIEF) represents a transformative shift in how housing projects are financed in Nigeria, particularly through its provision of funding at below double-digit interest rates.

The minister noted that the initiative aligns with the broader economic agenda of Bola Ahmed Tinubu, which prioritises innovative and people-focused policies to drive inclusive growth and improve access to essential services such as housing.

He described the fund as a demonstration of what can be achieved through strategic collaboration between public and private sector stakeholders, adding that its structure reflects innovation and flexibility in tackling longstanding structural challenges in the real estate sector.

Edun emphasised the need to scale up the fund to expand its reach, particularly among low- and middle-income Nigerians who face significant barriers to accessing affordable housing finance.

According to him, widening the coverage of MRIEF would not only support homeownership but also stimulate economic activity across the construction value chain, creating jobs and boosting investor confidence in the sector.

The meeting brought together a broad range of stakeholders, including fund managers, merchant banks, trustees, legal advisers and capital market operators, highlighting the multi-sectoral collaboration underpinning the initiative.

Participants at the meeting commended the minister’s leadership and acknowledged the policy environment created by the current administration, which they said has enabled innovative financing solutions to emerge within the housing sector.

Analysts say the continued expansion of MRIEF could play a pivotal role in narrowing Nigeria’s housing deficit, particularly if supported by sustained policy backing and efficient implementation frameworks.

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Nigeria’s potential gains from rising global oil prices are under increasing threat as inflationary pressures continue to mount, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has warned.

The warning comes amid heightened global energy market volatility triggered by geopolitical tensions, which have pushed crude oil prices upward, positioning Nigeria for a possible revenue windfall. However, authorities say the same developments are simultaneously driving up domestic costs, undermining the expected economic benefits.

Speaking on the development, Edun noted that while higher oil prices could boost government revenues and strengthen foreign exchange inflows, the accompanying rise in fuel, transportation and food costs poses a significant risk to economic stability and household welfare.

Recent assessments by the government show that global shocks linked to the Middle East crisis are already transmitting into Nigeria’s economy through increased energy prices, exchange rate pressures and rising logistics costs. 

Analysts warn that the inflation surge could erode purchasing power and offset the fiscal gains expected from higher crude prices, reinforcing Nigeria’s long-standing paradox as an oil-producing nation that struggles to translate oil windfalls into broad-based economic relief.

Further compounding the challenge is the lingering impact of recent economic reforms, including fuel subsidy removal and currency adjustments, which have already elevated the cost of living for many Nigerians.

Economic experts note that although the country stands to benefit from improved oil revenues, the broader macroeconomic outlook remains fragile, with inflation threatening income levels and slowing poverty reduction efforts. 

The Federal Government has therefore intensified monitoring of global oil market developments, capital flows and fiscal risks, with a view to adjusting policy responses to cushion the impact on citizens and businesses.

Edun emphasised the need for prudent management of any oil windfall, stressing that without effective policy coordination, temporary gains could be quickly eroded by rising inflation and structural inefficiencies within the economy.

The development underscores a recurring challenge for Africa’s largest oil producer, where external price shocks often deliver mixed outcomes — boosting revenues on one hand while deepening inflationary pressures on the other.

As global uncertainties persist, economists say Nigeria’s ability to balance fiscal gains with price stability will be critical in determining whether the current oil price rally translates into sustainable economic progress.

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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, , has assured Nigerians that the federal government is committed to maintaining stable food prices despite growing global economic uncertainties.

Edun gave the assurance during an appearance on Politics Today, a programme aired on , where he discussed the potential economic impact of global geopolitical tensions and ongoing domestic reforms.

Government Focused on Food Price Stability

According to the minister, recent economic indicators suggest that government policies are beginning to yield results, particularly with declining food prices and easing inflation.

Edun acknowledged that managing an economy involves uncertainties but stressed that the administration remains focused on policies aimed at stabilising food prices and reducing pressure on households.

“There are no guarantees,” he said, noting that economic management often requires responding to unpredictable global developments. However, he added that the government is working towards sustaining price stability and improving economic conditions.

Boosting Domestic Food Production

The finance minister emphasised that the government’s strategy prioritises strengthening local agricultural production to ensure a stable food supply.

He explained that Nigeria must maximise its large domestic market by supporting investors and farmers to increase food production locally rather than relying heavily on imports.

Edun said the economic management team recently reviewed developments in the agricultural sector and is considering additional initiatives to expand domestic food output.

Reforms Aimed at Economic Stability

Edun also defended recent economic reforms introduced by President , including the removal of petrol subsidy and the adoption of a market-driven foreign exchange system.

The reforms initially triggered sharp increases in fuel prices and inflation, which rose above 30 percent in 2024.

However, Edun argued that the policies were necessary to correct structural distortions in the economy.

According to him, previous systems that allowed fuel to be sold below international market prices and foreign exchange to be allocated at artificially low rates encouraged inefficiency and cross-border fuel smuggling.

Inflation Showing Signs of Decline

Edun noted that inflation has dropped significantly from about 34 percent at its peak to around 15 percent, although the government aims to reduce it further to single digits.

He credited the improvement to the combined impact of economic reforms and tighter monetary policies implemented by the .

The minister expressed confidence that continued reforms and stronger domestic production will help shield Nigerian households from global economic shocks while maintaining stable food prices.

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