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Nigeria is at a pivotal point in its economic trajectory, shifting from a phase of macroeconomic stabilisation to one focused on accelerating growth, according to Wale Edun.
Speaking at the Nigeria Business Summit hosted by Stanbic IBTC, Edun noted that while recent reforms have helped steady the economy, current growth levels remain insufficient to deliver widespread economic prosperity.
“For nearly a decade, GDP growth averaged around two per cent. We are now closer to four per cent, which reflects progress, but it is still not enough to significantly reduce poverty at scale,” he said.
Reforms Strengthening Economic Resilience
Edun highlighted that Nigeria is navigating renewed global economic pressures at a sensitive stage in its reform cycle. However, measures introduced since 2023—including foreign exchange adjustments and fiscal reforms—have improved the country’s shock-absorption capacity.
He pointed to stronger external reserves, improved non-oil revenue, and renewed investor confidence as indicators of a more resilient economic foundation. According to him, these gains are helping to create a more predictable environment for investment and long-term business planning.
Enterprises at the Centre of Inclusive Growth
A key focus of Edun’s address was the role of businesses across the value chain in driving inclusive economic expansion.
He described small and medium-sized enterprises (SMEs) as the backbone of Nigeria’s economy, accounting for the majority of businesses and employment. However, he stressed that unlocking their full potential requires targeted support—particularly in access to finance, operational efficiency, and integration into larger value chains.
At the same time, large corporates were identified as critical to scaling productivity, strengthening supply chains, and building resilient economic ecosystems.
Productivity, Trade, and Execution
Edun underscored the importance of execution-driven reforms, citing initiatives such as the National Single Window as tools to boost efficiency and increase trade volumes.
He argued that Nigeria’s long-term growth prospects depend on its ability to compete globally rather than relying solely on domestic demand.
“Our real opportunity lies in becoming a leading export-driven economy,” he said, adding that trade will be central to diversification and foreign exchange generation.
A Shared Responsibility for Growth
Edun emphasised that sustainable transformation cannot be delivered by government alone. Instead, it requires coordinated action between public institutions, financial players, and the private sector.
“The role of government is to ensure stability, policy clarity, and an enabling environment. Growth itself must be driven by businesses,” he stated.
He added that achieving Nigeria’s ambition of becoming a $1 trillion economy will depend on strong collaboration across sectors, particularly between corporates, SMEs, and financial institutions.
Outlook for Investors and Businesses
Closing his remarks, Edun reaffirmed Nigeria’s commitment to attracting investment and building a more inclusive economy.
“Nigeria is open for business. The focus now is on creating an environment where businesses can scale, compete, and deliver shared prosperity,” he said.
As discussions at the summit continue, the message to stakeholders is clear: the next phase of Nigeria’s economic journey will reward enterprises that are productive, structured, and positioned for scale.
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