Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Wednesday that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) is currently underway. The move is part of the federal government’s push for transparency and improved revenue generation from the oil sector.
Speaking at the Nigeria Investment Forum, held alongside the World Bank/IMF Spring Meetings in Washington D.C., Edun said the audit aims to clarify past financial transactions and ensure the NNPCL meets its mandate of boosting oil output and revenue contributions to the federation account.
Edun noted that Nigeria is in a stronger economic position than expected, despite global market disruptions driven by U.S. reciprocal tariffs. He attributed this resilience to the series of reforms initiated since President Bola Tinubu assumed office.
“These reforms, including subsidy removal, FX liberalization, and elimination of Ways and Means, have improved investor confidence and laid the foundation for industrial growth,” Edun said.
He emphasized the administration’s target of achieving 7% annual GDP growth, focusing on inclusive growth through investments in agriculture, infrastructure, and financial access.
Also speaking at the forum, Central Bank Governor Olayemi Cardoso said Nigeria’s shift back to orthodox monetary policy is paying off, citing improved macroeconomic stability and a positive shift in global credit ratings.
“Our disciplined approach has begun to yield tangible results,” Cardoso said. “Investor confidence is returning, and the naira is regaining strength.”
Cardoso highlighted the CBN’s priority to rebuild trust through transparency and consistent policy direction, noting that Nigeria’s relative insulation from global shocks reflects the effectiveness of these reforms.
Dangote Joins World Bank Investment Lab
In a related development, the World Bank Group appointed Africa’s richest man, Aliko Dangote, to its Private Sector Investment Lab (PSIL). The group aims to accelerate job-generating investments in emerging markets. Dangote joins global business leaders like Bayer CEO Bill Anderson and Bharti Enterprises Chair Sunil Mittal to contribute insights that can drive economic transformation.
Meanwhile, the International Monetary Fund (IMF) advised Nigeria to consolidate its reforms by improving the efficiency of public spending and strengthening fiscal discipline.
IMF’s Fiscal Affairs Division Chief, Davide Furceri, acknowledged Nigeria’s bold reform steps but stressed the need for stronger prioritization and better use of public resources.
“Fiscal policy must become a stabilizing force, not a source of volatility,” Furceri said, recommending enhanced public financial management systems and stronger institutions.
The IMF projected that Nigeria’s public debt, which rose to 52.9% of GDP in 2024, would decline to 45.4% by 2030, reflecting better revenue mobilization and economic growth.
Director General of the Debt Management Office, Patience Oniha, revealed that Nigeria is in talks with JP Morgan for re-entry into its Emerging Market Bond Index, citing renewed investor interest following recent reforms.
“There’s been a positive shift in the FX market, and investors want us back in,” Oniha said.
With praise from international financial institutions and renewed investor interest, Nigeria’s reform agenda appears to be gaining momentum. Both the Finance Ministry and CBN insist that while challenges remain, the country is charting a path toward long-term stability and inclusive economic growth.
