Wale Edun announces new scheme to control inflation, agricultural boom

Speaking at the 30th Nigeria Economic Summit, hosted by the Nigeria Economic Summit Group (NESG) on Tuesday, October 15, Edun emphasised the government’s focus on agriculture, manufacturing, oil, and housing as vital drivers of Nigeria’s economy.

Edun highlighted the administration’s intent to tackle poverty by enhancing agricultural productivity and food security, which is essential to lowering the high inflation rate burdening many Nigerians.

“We are looking to food production to help bring down inflation,” he explained. “Our aim is to make food more available, affordable, and to reduce the cost of living for Nigerians.”

He added that to support this effort, the government is partnering with the African Development Bank (AfDB) to establish agricultural processing zones, which will provide a robust supply of raw materials for domestic industries.

The minister also discussed the government’s approach to the oil and gas sector, emphasising its critical role in generating foreign exchange.

Edun revealed that recent reforms have attracted significant investments, including an additional $10 million from ExxonMobil and other key industry players.

“The oil sector is our first avenue for foreign exchange and global revenue,” he stated, expressing optimism about sustained contributions from local and foreign investors alike.

Edun explained that manufacturing is also set to benefit from new tax incentives and cheaper funding. These policies, he said, are designed to cut operational costs and increase job opportunities within the sector.

“We’re offering specific incentives, including excise tax and withholding tax reliefs, to stimulate the manufacturing sector,” Edun noted.

These measures, according to him, have encouraged Nigerian manufacturers to commit up to $4.2 billion in investments, boosting the country’s economic prospects.

The government is also set to address housing affordability, launching a mortgage scheme offering near-single-digit interest rates on loans spanning up to 25 years.

According to Edun, this initiative aims to “spark a construction boom” by increasing access to affordable housing, a critical area for job creation and economic growth.

“In partnership with the private sector, we’re delivering mortgages that will support Nigeria’s housing and real estate sector,” he affirmed.

Edun asserted that this comprehensive plan underscores Nigeria’s renewed commitment to economic stability and inclusive growth, with “growth and jobs” as the ultimate objectives for a sustainable future.