Edun outlines Nigeria’s economic growth imperatives

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Edun

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By Emma Ujah, Abuja Bureau Chief

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday, outlined the nation’s economic growth imperatives, including diversification, deepening of productivity and value addition across various sectors.

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He spoke while receiving participants of the Senior Executive Course (SEC) 48, 2026 of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, in Abuja, according to a statement by the Deputy Director, Information and Public Relations, of the Federal Ministry of Finance, Mrs. Efe Ovuakporie.

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His words, “The imperative before us is clear. We must deliberately broaden the base of our economic activity, deepen productivity, and create sustainable value across multiple sectors.”

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Commending the theme of this year’s course, “Economic Diversification and National Development: Leveraging the Orange Economy and Entrepreneurship for Sustainable Growth in Nigeria”, the Minister described the focus as both timely and necessary, particularly as Nigeria continues to intensify efforts to recalibrate its economic structure.

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He observed that Nigeria’s growth model has, over the years, been constrained by an overdependence on a narrow revenue base, a situation that has repeatedly exposed the economy to external shocks and internal fragilities.

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This, he noted, has reinforced the urgency of building a more resilient and diversified economic framework capable of sustaining long-term development.

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Within this broader context, he highlighted the Orange Economy as a compelling, yet insufficiently harnessed, driver of growth.

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Mr. Edun explained that global economic momentum is increasingly shaped by creativity, innovation, and digital enterprise, areas in which Nigeria already demonstrates a natural comparative advantage.

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He noted that from film and music to design and digital content, Nigerians continued to command global respect through ingenuity and resilience, often thriving despite structural constraints.

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He cautioned, however, that talent alone cannot deliver systemic transformation.

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“Our challenge is not the absence of creativity,” he said. “It is how to design policies that can convert that creativity into scalable economic outcomes like job creation, enterprises, and measurable contributions to GDP.”

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The minister also emphasised that meaningful diversification must be anchored on deliberate policy alignment and strong institutional frameworks.

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He outlined key enablers to include coherent regulation, sustainable financing mechanisms, skills development, improved market access, and a stable macroeconomic environment that incentivises investment and innovation.

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He further linked these priorities to the ongoing economic reforms under the administration of President Bola Tinubu, noting that recent policy measures are directed at restoring macroeconomic stability and repositioning the economy for sustainable growth.

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“Macroeconomic stability is not an abstract goal,” he explained. “It is the foundation upon which enterprise can flourish, investments can grow, and livelihoods can improve.”

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On the issue of entrepreneurship, the Minister described it as the engine that translates ideas into tangible economic value.

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He stressed that fostering entrepreneurship extends beyond supporting small businesses to building a dynamic ecosystem where innovation can thrive and scale.

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He reaffirmed the Ministry’s commitment to prudent fiscal management, enhanced efficiency in public finance, and reforms aimed at removing barriers to productive activity.

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According to him, sustainable economic transformation depends on coherence across fiscal, monetary, trade, investment, and human capital policies.

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The Minister also underscored the importance of disciplined execution, noting that Nigeria’s policy landscape is not constrained by a shortage of ideas, but often by gaps in coordination and implementation.

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Earlier, the Director-General (D-G) of NIPSS, Prof. Ayo Omotayo, represented at the session by Deputy Inspector- General of Police Adeleye Otebada (retd), explained that the Institute’s engagement with the ministry formed part of its statutory mandate to generate practical policy solutions to national challenges.

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He noted that since its establishment over four decades ago, the Institute has remained a critical policy think tank, with its flagship Senior Executive Course consistently producing research outputs that have shaped government decisions and reforms.

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The leader of the delegation disclosed that the current study theme was drawn from a presidential mandate by President Tinubu, focusing on the Orange Economy and entrepreneurship as viable pathways for sustainable growth and job creation.

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