Olawale Edun: How I’ll reform Nigeria’s economy if appointed finance minister

Olawale Edun, Lagos State’s former Commissioner for Finance under the administration of Bola Tinubu and the president’s Special Adviser on Monetary Policies was on Tuesday, August 1, 2023, screened by the Nigerian Senate as a ministerial nominee

Edun was the second ministerial nominee to be screened when the Red Chamber commenced the screening of the remaining 14 nominees on Tuesday

Since his appointment as the Presidential Adviser on Monetary Policies on June 15, 2023, Edun has been tipped to become the Minister of Finance to manage Africa’s biggest economy.

Before being appointed as the Lagos State Commissioner of Finance, Wale Edun joined the World Bank/IFC through the elite Young Professionals program in September 1986. Wale would work on economic and financial packages for some countries in Latin America and the Caribbean, including the Dominican Republic and Trinidad, as well as Indonesia and India in the Far East.

While fielding questions from the lawmakers bordering on the economy, Wale explained some of the economic reforms he’ll put forward if confirmed as Finance Minister.

In increasing Nigeria’s revenue generation, Edun pointed out that during his time as Commissioner of Finance in Lagos State, technology was strategically employed to increase the revenue generation of what is now Africa’s 5th biggest economy.

“There was a commitment to technology in Lagos. Technology was used to block loopholes and increase efficiency,” he told the Senators.

Nigeria’s economy has been largely eroded by prevailing issues from mismanagement to insecurity, resulting in more people falling below the poverty line of $1.9

“Just as recent as 1990, the GDP per capita in Nigeria was higher than China, today China’s GDP per capita is $13,000, while that of Nigeria is now $2,000. Some of the reasons for this reduction are largely because of inflation, insecurity, and wasteful spending by the government.” He said.

Edun believes that some of the strategies he used to achieve success in Lagos State can be replicated at a national level.

See Also

Youths Block Jos Highway Over Fresh Killings in Plateau Communities

However, managing Nigeria’s economy, in its complexities and uniqueness can be a daunting task. Recently, Nigerians, including students in the diaspora, have been faced with hardship since the unification of the naira and the removal of fuel subsidies, policies that many believe Edun was directly involved in. The naira float has resulted in the depreciation of Nigeria’s currency, with the prediction that the naira, currently at N758 according to data from the Central Bank of Nigeria (July 31, 2023), will continue to fall against the dollar due to the policy.

However, Edun said that while it is difficult to predict, the true value of Nigeria lies around N700.

“I would love to warn that all the models are showing that the fundamental of the naira should be somewhere around N700. Therefore, a note of caution to the speculators. As liquidity flows in, and rate comes rapidly down, that they (the speculators), would love their shirts,” he said.

With Edun’s impressive record in the financial sector and his record of increasing Lagos state internal generated revenue by 469 per cent during his time as Commissioner of Finance, it won’t come as a surprise to many if he is confirmed as Nigeria’s next Finance Minister.