The Ministry of Finance has announced a strategic partnership with the Organisation for Economic Co-operation and Development (OECD) to combat illicit financial flows and enhance Nigeria’s economic framework.
This collaboration was formalized during a courtesy visit by Carlos Conde, Head of the Middle East and Africa Division at the OECD, to Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
Strengthening Economic Partnerships
According to a statement posted on the Ministry of Finance’s X account, the OECD reaffirmed its commitment to deepening its engagement in Africa through partnerships with the African Union, regional blocs, and direct country-level initiatives.
Nigeria was recognized as a key partner in West Africa, with discussions focusing on:
- Capital market development
- Regional economic integration
- Curbing illicit financial flows
- Sustainable finance
- Investment in human capital
Technical Support and Reform Initiatives
The OECD also outlined its technical support programs, offering assistance in:
- Digitalization
- Governance
- Statistical systems
Minister Edun welcomed the collaboration, emphasizing the need for harmonized data systems to drive reforms, attract investments, and create opportunities for Nigerian youth.
In January 2025, Edun commended President Bola Tinubu for implementing critical economic reforms that have helped stabilize Nigeria’s economy and reclaim 5% of GDP previously lost to inefficiencies.
Speaking at the World Economic Forum in Davos, Edun highlighted key policy changes, including:
- The removal of wasteful subsidies
- Market-driven pricing for petroleum products and foreign exchange
“These steps have set the stage for the return of foreign direct investments,” Edun stated, citing major commitments from:
- Shell – $5 billion investment
- TotalEnergies – $3 billion investment
These investments signal renewed confidence in Nigeria’s economic potential.
Expanding Economic Ties
In December 2024, Edun led a delegation to Saudi Arabia on behalf of President Tinubu and the Presidential Economic Coordination Council to strengthen economic cooperation. The focus was on:
- Enhancing export credit
- Improving insurance frameworks
- Expanding market access
Speaking on the outcome, Edun remarked:
“What we have brought back is foreign exchange. What we have brought back is jobs for Nigerians.”
Future Economic Outlook
When asked about the possibility of another Eurobond sale in 2024, Edun confirmed that it remains a viable option to address Nigeria’s deficit spending.
The Tinubu administration’s economic reforms have drawn both domestic and international attention. While the removal of fuel subsidies has been controversial, analysts estimate that these subsidies previously cost the government trillions of naira annually, exacerbating Nigeria’s fiscal deficit.
Additionally, the unification of exchange rates has been widely seen as a necessary step to:
- Attract foreign investors
- Eliminate distortions caused by multiple exchange rate windows
- Improve Nigeria’s balance of payments
These measures are expected to foster long-term economic stability and sustainable growth.
