Finance Minister: Nigeria has Moved from Stabilisation to Consolidation 

.Bagudu: FG hopes to save N3tn in foreign exchange from bio-ethanol project, enlists 14 million cassava farmers

Ndubuisi Francis and James Emejo in Abuja 

Nigeria has moved decisively from stabilisation to consolidation, embedding reforms that support private-sector-led growth, strengthen institutions, and restore confidence in the economy, the Minister of Finance and Coordinating Minister of  the Economy,  Mr. Wale Edun said in Davos, Switzerland.     

Speaking at the Nigeria House, the minister who participated at Davos WEF 2026, the annual meeting of the World Economic Forum (WEF), outlined Nigeria’s reform agenda, emphasising fiscal discipline, macroeconomic stability, and the government’s commitment to building a predictable, investor-friendly economic environment.     

This is as Minister of Budget and Economic Planning, Senator Abubakar Bagudu, projected a N3 trillion annual Foreign Exchange (FX) savings from the federal government’s ongoing Cassava Bio-ethanol Value Chain Development Project.

The minister also said blending bio-ethanol with Premium Motor Spirit (PMS) will reduce the country’s reliance on imported fuel. 

Bagudu spoke at a capacity building workshop for stakeholders in the cassava bioethanol value chain development programme for the South East zone.

However, the Nigeria House serves as a one-stop hub for dialogue and deal-making at WEF. 

Nigeria’s positioning is an emerging destination for sustainable, long-term investment in an increasingly uncertain global economy.

Edun’s declaration came after last week’s report by the International Monetary Fund (IMF) that Nigeria’s macroeconomic stabilisation efforts were beginning to yield results, contributing to an improved growth outlook for Sub-Saharan Africa.

The Fund made the assessment in its January 2026 World Economic Outlook Update, in which it revised growth projections for the African region upward, citing Nigeria among key economies where policy adjustments are paying off.

Bagudu also revealed that in line with current aspiration, the federal government had begun moves to empower 14 million smallholder farmers to play key roles in the cassava value chain.

The minister stated that under the national bio-economy policy, the ministry remained committed to promoting a circular economy that goes beyond the production and utilization of ethanol.

Represented by the Director, Economic Growth, FMBEP, Mr. Auwal Mohammed, Bagudu said, “We are looking at the entire value chain, from high quality stems and starch to the CO2 captured during fermentation and the annual feeds produced from distillery grains.

“The project will utilize the Triple -Helix knowledge Transfer partnership of, providing high yield, disease resistant varieties, driving investments, technology and market access and providing the enabling environment and infrastructure.”

In his remarks, Director, Agriculture, Economic Growth Department Mr. Olaifa Alade, explained that the workshop aimed to improve the capacity of stakeholders for effective implementation of the project and to lay a solid foundation for a project that sits at the intersection of industrialization, energy transition and rural empowerment in the cassava bioethanol value chain development project.

In a statement issued by Director, Information and Public Relations, Mrs. Osagie Jacobs, he further assured the various Stakeholders that the Ministry of Budget and Economic Planning is committed to providing the necessary policy support and monitoring framework to ensure the movement of the pilot phase to a national success story.

He expressed hope that the insights gained from the training will catalyze a transformation in our Agricultural and energy sectors, leading to sustainable growth of the country.