Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has appealed for accelerated action on economic reforms and domestic resource mobilisation across Africa to finance development and job creation.

Speaking on the sidelines of the G20 Investment Breakfast Dialogue in Johannesburg, the Minister stated:“We must accelerate bold economic reforms and strengthen domestic resource mobilisation to finance investments, jobs, and long-term development.”

Delivering the keynote address at a forum convened by MTN, which included CEOs from South Africa, the Nigerian Investment Promotion Commission (NIPC) and various development partners, Edun noted that the continent is meeting at a moment of “profound global economic change” demanding coordinated action, deeper regional collaboration, and an investment climate built on stability and reform.

The Minister outlined four major disruptions reshaping the prospects of developing regions. First, global trade dynamics are being rewritten, with the established rules that supported the rise of economies like China, India, and Brazil changing rapidly.

Second, capital flows to emerging markets have tightened dramatically. Citing African Development Bank estimates, he pointed out that many developing economies now pay more in debt service than they receive in development assistance. Africa alone is projected to pay about $163 billion in debt servicing in 2024, while total foreign direct investment is less than $100 billion.

At the same time, technology is disrupting labour markets and reshaping the future of work, a worrisome trend for a continent where the median age is just 20, and millions of young Africans require jobs, skills, and opportunities.

Finally, he said the world faces a paradox of “insufficient resources to fight poverty, yet abundant resources to fight climate change” — resources that often bypass Africa despite its disproportionate vulnerability to climate shocks.

Using Nigeria as a case study, the Minister described a disciplined programme of reforms that the country has embarked upon since May 2023, aimed at building a modern and competitive economy.

Nigeria’s strategy, he explained, rests on two key pillars: establishing macroeconomic stability so private investment can thrive, and increasing government savings to expand investments in education, healthcare, and infrastructure.

To this end, the government implemented several difficult but necessary decisions, including the removal of fuel subsidies, the liberalization of the foreign exchange market, landmark tax reforms, and structural adjustments across key sectors such as energy, power, logistics, education, and industrialization.

“All these reforms have one purpose,” Edun said, “to build a competitive economy where private capital is rewarded, innovation is encouraged, and businesses have the confidence to invest.”

Edun told investors that Nigeria is beginning to see clear signs of economic recovery and stabilizyation.

He reported that Gross Domestic Product (GDP) grew by 4.23 percent in Q2 2025, significantly up from 3.1 percent in Q2 2024 and 2.51 percent in Q2 2023. Inflation, though still elevated, has been consistently moderating since March 2025, reaching 16.05 percent by October. External reserves have also risen to $46.3 billion.

“These indicators carry a simple message,” the Minister proclaimed. “Nigeria is more stable, more predictable, and more investable than it has been in many years.”

He acknowledged, however, that the reforms have posed challenges for vulnerable populations. To cushion the impact, the government has expanded direct benefit transfers to 15 million households, with approximately nine million already receiving cash support.

The forum received positive feedback from the business community. MTN Group CEO, Ralph Mupita, described Nigeria as a “true African success story,” noting that the country accounts for 35–40 percent of MTN’s business and serves 85 million customers. He further encouraged South African investors to leverage Nigeria’s reform momentum.