Madrid, Spain – Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s commitment to achieving economic self-reliance through a comprehensive fiscal reset, emphasizing transparency, digital transformation, and robust private sector engagement.
Speaking at the United Nations Financing for Development Summit in Madrid, Spain, Edun highlighted the urgent need for structural reforms that place Nigeria on a sustainable economic path. “Our administration is focused on reducing dependence on debt, broadening our revenue base through aggressive tax reform, and embracing digital infrastructure to enhance governance and accountability,” he said.
According to Edun, the Nigerian government under President Bola Ahmed Tinubu has embarked on an ambitious reform agenda centered on domestic resource mobilization and prudent fiscal management. He described the ongoing economic reset as “a shift from unsustainable borrowing to homegrown solutions,” driven by efficiency, transparency, and private capital.
The Honorable Minister stressed the importance of international cooperation in curbing illicit financial flows that continue to undermine developmental efforts in Africa. “Global financial fairness must include a firm stance against illicit flows and the repatriation of stolen wealth. Nigeria loses billions annually to this scourge, and we need action—not just promises,” Edun told global delegates.
He also called for increased access to concessional financing for African countries facing climate and debt vulnerabilities, adding that developing nations should not be penalized for the structural imbalances created by a global financial system they did not design.
“Nigeria’s story is one of resilience and readiness to take tough decisions. We are not begging; we are building. And we call on the world to partner with us, not out of pity but out of mutual benefit,” Edun concluded.
The summit brought together finance ministers, development banks, and UN officials to chart a sustainable path for financing global development, with a focus on the role of digital innovation, green transition, and tax equity in bridging development gaps.