Wale Edun Declares Economic Stability as Nigeria Records $4B Trade Surplus
Meta Description: Nigeria’s Finance Minister, Wale Edun, announces a $4 billion trade surplus and other positive indicators, declaring a new era of economic stability. However, challenges remain with a significant oil revenue shortfall. Get the full analysis.
Nigeria’s Economy on a Path to Renewed Stability, Says Edun
Abuja, Nigeria – Nigeria’s economy is showing clear signs of stabilization, anchored by a robust trade surplus of over $4 billion in the first quarter of 2025 and growing investor confidence. This was the optimistic assessment delivered by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a ministerial press briefing in Abuja on Thursday, August 14, 2025.
Edun stated that the narrative of the Nigerian economy has shifted towards stability after a period of volatility. He outlined several key performance indicators that support this view.
“The narrative of Nigeria in 2025 is one of renewed stability,” Edun declared. “Our task is to translate this into tangible improvements in the lives of Nigerians through, principally, more jobs that give higher incomes and better public services.”
Key Signs of a Stabilizing Economy
During the briefing, the minister highlighted several positive macroeconomic figures that point towards recovery:
Strong Trade Surplus: The country recorded a trade surplus of over $4 billion in Q1 2025.
Rising Exports: Exports saw a significant increase of nearly 10% (9.8%) during the same period.
Stable Exchange Rate: The foreign exchange market has demonstrated relative stability in recent months.
Healthy Foreign Reserves: Nigeria’s external reserves have climbed to nearly $40 billion, recorded at $39 billion in July 2025.
While painting a positive picture, Minister Edun was candid about the significant challenges facing the government, particularly a major shortfall in oil revenue during the first half of the year.
He revealed that both oil production and average crude prices fell below the projections set in the 2025 budget.
Oil Production: Average daily production was 1.67 million barrels, significantly below the budgeted target of 2.06 million barrels per day.
Oil Price: The average crude oil price was $67 per barrel, missing the budget’s benchmark of $75 per barrel.
“Significantly, that is below the 2.06 million barrels budgeted, and that is of note,” Edun admitted. He assured the public that the government has responded to these shortfalls by prioritizing spending in critical sectors that directly impact citizens and drive economic growth.
Restoring Fiscal Discipline: Halting Ways and Means
A cornerstone of the administration’s strategy, according to Edun, has been the restoration of fiscal discipline. A major achievement in this area is the complete halt of the uncontrolled use of Ways and Means advances from the Central Bank of Nigeria (CBN).
“Under the leadership of President Bola Ahmed Tinubu, steps have been taken to restore fiscal discipline and balance, and we have ended the unauthorised and above-limits funding by Ways and Means,” he explained. “There have been no debits to Ways and Means since early in this administration.”
This fiscal prudence, combined with a recent GDP rebasing, has improved the country’s financial health, bringing the debt-to-GDP ratio down to 38.8% from a previous 52.1%.
What the Official Data Shows
The minister’s claims of a strong trade performance are supported by the latest data from the National Bureau of Statistics (NBS). According to the NBS report for Q1 2025:
Total Exports rose to N20.598 trillion, a 7.42% increase compared to the same period in 2024.
Total Imports stood at N15.43 trillion.
This data confirms the healthy trade surplus, which is a key driver of the current economic stability and a positive sign for the nation’s foreign exchange position. The government’s focus now is on deepening its reforms to ensure this macroeconomic stability translates into sustainable growth and improved living standards for all Nigerians.
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