Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the Nigerian economy is witnessing a progressive growth.

Speaking in Abuja on Thursday, Edun said that the Nigerian Gross Domestic Product (GDP) grew by 4.23 per cent in the 2Q of 2025, noting that it was the highest quarterly figure in a decade aside the post Covid era.

The minister noted that the ongoing reforms, though challenging, are driven by a clear objective to build a competitive economy that creates jobs and lifts millions out of poverty.

According to him, Nigeria’s GDP grew by 4.23 per cent in Q2 2025, the strongest expansion in a decade outside the post-COVID-19 rebound.

He disclosed that 13 sectors expanded by more than 7 per cent, up from nine in the previous quarter, evidence of broad-based resilience.

The explained that the industrial sector nearly doubled its growth from 3.72 per cent to 7.45 per cent, reflecting rising productivity and renewed investor interest.

He reported that inflation declined to 18 per cent last December, while foreign reserves exceeded $43 billion and the trade surplus climbed to N7.4 trillion, signaling strengthened external buffers.

Edun noted that new consumer-spending data showed Nigerians now spend about half of their income on basic needs, compared with nearly 90 per cent previously, indicating a gradual transition from subsistence to improved living standards and enhanced productivity.

He described Nigeria’s recent removal from the Financial Action Task Force, FATF, grey list as a major confidence boost for the financial sector, noting that global institutions, including the IMF and World Bank, had acknowledged the country’s reform momentum through upgraded growth projections and improved credit ratings.

GIK/APA