Finance Minister and Coordinating Minister of the Economy, Wale Edun, has announced that the Nigerian National Petroleum Company Limited (NNPCL) will soon undergo a forensic audit.
Speaking at the Nigerian Investor Forum held alongside the IMF/World Bank Spring Meetings in Washington, D.C., Edun said the audit is part of a broader government initiative to reform and closely scrutinize the state-owned oil company.
He explained that recent leadership changes within the NNPCL align with President Bola Tinubu’s commitment to transparency and economic reform.
Addressing global investors, including representatives from J.P. Morgan, Edun outlined key reforms aimed at restoring investor confidence and reviving Nigeria’s economy.
He emphasized the government’s target of 7% annual growth, citing a 3.84% GDP growth in Q4 2024 and a 3.4% growth for the year.
“We’ve taken bold steps to stabilize the economy.
Now we’re focused on accelerating growth,” Edun said.
He pointed to improvements such as reduced budget deficits, a stronger trade balance, and a more stable exchange rate.
Agriculture, he noted, is a top priority, with the government focused on increasing local food production instead of relying on imports.
“Agriculture is central to our plan.
We’re enabling local producers to scale up and innovate,” he added.
Edun also highlighted key infrastructure developments, including the rollout of 90,000km of fibre optic cable to enhance internet access and support the tech sector.
Additionally, 4,000km of roads have been opened for private sector participation, with the first 1,000km already approved for construction.