The Federal Government will soon commence a comprehensive forensic audit of the Nigerian National Petroleum Company Limited (NNPCL), the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed.
Edun made the disclosure at the Nigerian Investor Forum, held on the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington DC. Addressing top global investors, including representatives from J.P. Morgan, the minister said the audit forms part of sweeping reforms aimed at promoting transparency, rebuilding trust, and attracting private capital into Nigeria’s economy.
He noted that recent changes within the NNPCL management are early steps in a broader effort to reposition the national oil company for accountability and efficiency.
“Our goal is not just to maintain this momentum, but to accelerate it,” Edun stated. “We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this.”
The minister highlighted that Nigeria’s economy grew by 3.84% in Q4 2024, with a full-year growth of 3.4%, adding that the Tinubu administration’s bold economic reforms are already yielding measurable results. Among them are reduced budget deficits, an improved trade balance, and a more stable exchange rate.
“These reforms are unprecedented. We said we would do it, and now we have done it. This time, we’re staying the course,” he declared.
Agriculture, according to Edun, remains a cornerstone of the administration’s economic strategy. He explained that the government is prioritising increased local production over imports to close the food supply gap.
“In agriculture, we aim to empower domestic producers to scale and innovate rather than relying on food imports,” he said.
On infrastructure, Edun announced the rollout of 90,000km of fibre optic cable to boost internet access, particularly for the youth and tech ecosystem. Additionally, 4,000km of roads have been opened for private sector investment, with the first 1,000km already approved for construction.
The forum served as a platform for Nigeria to showcase its economic revival strategy and reassure international investors of the country’s readiness for business.
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