Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country must consistently grow its GDP by around 7% if it hopes to significantly reduce poverty and raise the living standards of its people.
Speaking at a press briefing after the conclusion of the 2024 IMF and World Bank Spring Meetings in Washington, D.C., Edun noted that while Nigeria’s economy is currently growing at an average of 3.4%, with the most recent quarterly figure at 3.84%, that pace is far from enough to tackle widespread poverty.
“Unless we get to about 7% growth, we’re not going to substantially reduce poverty and improve the life of Nigerians,” he said. “That is the target and commitment of this administration.”
To meet that target, the minister emphasized the need to boost agricultural productivity, scale digital infrastructure, support young entrepreneurs through e-commerce, and expand access to financing for businesses, both large and small.
He explained that structural reforms, especially in the financial sector, are crucial to driving growth. According to him, the Central Bank of Nigeria (CBN) is already working with regulators to remove hurdles and improve capital flow to micro, small, and medium enterprises nationwide.
On social protection, Edun said the government is taking deliberate steps to improve the efficiency and reach of welfare programs. He revealed that the Direct Benefit Transfer (DBT) system has been upgraded for better transparency and effectiveness.
“It is the promise of the President to make sure that the poor and the most vulnerable are not left behind,” Edun said.
The DBT now delivers monthly payments to verified beneficiaries, who are registered biometrically and linked to their National Identification Numbers (NIN). Payments are made either into bank accounts or through mobile wallets, providing a digital trail that confirms recipient identity, payment amount, and date.
Currently, about one million Nigerians are enrolled in the scheme, but Edun said the government plans to add three million new individuals to the social register every month. The full register covers nearly 20 million households, and biometric verification is being used to validate every new entry.
According to the minister, having a digitized and verified database of poor and vulnerable Nigerians will help the government respond faster during future economic shocks or national emergencies.
His comments come as the World Bank raises concerns about the deepening poverty crisis in Nigeria. A recent World Bank report noted that the country now accounts for 15% of the world’s extremely poor population, highlighting the need for inclusive economic policies, food security, and strengthened social safety nets.
Edun’s remarks reinforce the urgent need for consistent policy execution and stronger public-private sector collaboration to drive higher growth. Until such momentum is achieved, poverty reduction may remain slow, despite best efforts.
