Minister of Finance, Wale Edun, has been appointed as chairperson of the West African Monetary Zone (WAMZ) Convergence Council.
The WAMZ aims to create a single currency for countries in West Africa, similar to the Euro in European nations.
While Nigeria’s economy was projected to grow in 2023, Edun warned that this growth may not significantly improve living standards for most Nigerians.
He said: “The macroeconomic outlook for Nigeria in 2023 suggests that the country’s economic growth is not expected to significantly improve living standards or socio-economic indicators for a majority of the population.
“Despite overall growth, many people may not see significant benefits due to existing structural challenges or inequalities within the economy.
“Addressing these issues is crucial to ensure economic growth translates into tangible improvements in living standards and socio-economic conditions for a broader segment of the Nigerian population.”
Edun noted that the government’s goal is for economic growth to translate into real improvements in people’s lives of the people.
Nigeria, he told the West African gathering, acknowledges the challenges it faces but remains committed to leading the WAMZ Convergence Council.
He maintained that the country plans to achieve economic transformation through its National Development Plan and reforms in key sectors.
Edun noted that factors like rising oil prices and coordinated economic policies are expected to contribute to a more stable economic environment.
Nigeria’s leadership role at the WAMZ Convergence Council comes at a time when member countries are experiencing slow economic growth due to global factors.
