The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) will soon commence as part of broader reforms to ensure transparency and accountability.
Speaking at the Nigerian Investor Forum held alongside the IMF/World Bank Spring Meetings in Washington, D.C., Edun said the audit aligns with recent management changes at NNPCL and reflects the Federal Government’s commitment to scrutinize the company closely.
Addressing global investors, including top executives from J.P. Morgan, Edun highlighted key reforms by the Bola Tinubu administration aimed at reviving Nigeria’s economy and boosting investor confidence.
“Our goal is to not only sustain economic progress but to accelerate it. We are targeting seven percent annual growth, and the policies we’ve put in place are setting the stage for that,” he stated.
Edun noted that the Nigerian economy grew by 3.84% in Q4 2024 and posted an overall 3.4% growth for the year. He pointed to improvements in budget deficits, trade balance, and exchange rate stability as signs of progress.
He emphasized that reforms under Tinubu’s leadership are “unprecedented” and that the government remains committed to long-term economic transformation.
Agriculture remains a top priority, with the administration focused on closing the food supply gap by empowering local producers rather than relying on imports.
“We want to support domestic producers to scale and innovate,” Edun said.
On infrastructure, Edun revealed that 90,000km of fibre optic cable has been laid to boost internet access, especially for young Nigerians and tech startups. Additionally, 4,000km of roads have been opened up for private investment, with 1,000km already approved for construction.
