A file image of the Minister of the Economy, Wale Edun.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) will soon be carried out as part of ongoing economic reforms by the Federal Government.

Speaking at the Nigerian Investor Forum in Washington DC, held on the sidelines of the IMF/World Bank Spring Meetings, Edun said the audit is intended to boost transparency and accountability in the oil giant. He linked recent management changes at the NNPCL to these broader reform efforts.

Addressing a gathering of top global investors, including officials from J.P. Morgan, Edun outlined the government’s strategic initiatives aimed at reviving Nigeria’s economy and restoring investor confidence. “Our goal is not just to maintain this momentum but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” he said.

He highlighted key economic reforms introduced under President Bola Tinubu’s administration, citing a 3.84% GDP growth in the fourth quarter of 2024 and an annual growth rate of 3.4% for the year. Edun also mentioned improvements in budget deficits, trade balance, and exchange rate stability.

He emphasised the government’s focus on agriculture, aiming to increase food production and reduce reliance on imports. “We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.

Additionally, Edun revealed the rollout of 90,000km of fibre optic cables to enhance internet connectivity and support the tech ecosystem. He also noted that 4,000km of roads have been opened for private sector investment, with 1,000km already approved for construction.