Nigeria to Audit NNPCL in Fresh Transparency Drive, Says Wale Edun

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the Nigerian National Petroleum Company Limited (NNPCL) will soon undergo a forensic audit as part of ongoing efforts to enhance transparency and accountability in the country’s oil sector.

Speaking at the Nigerian Investor Forum held on the sidelines of the IMF/World Bank Spring Meetings in Washington DC, Edun revealed that recent management changes at NNPCL were part of a strategic overhaul to “clean up and examine” the operations of the state-owned oil company.

While addressing global investors including representatives from J.P. Morgan, the minister outlined key reforms that have been implemented to restore investor confidence and reinvigorate economic growth.

“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven percent annual growth,” Edun said, citing President Bola Tinubu’s economic reform agenda.

He shared that Nigeria recorded a 3.84% growth in Q4 2024 and 3.4% growth overall for the year. He also pointed to improvements in budget deficit reduction, trade balance, and exchange rate stability as early signs of the reforms taking effect.

In terms of infrastructure, Edun disclosed that 90,000km of fibre optic cable has been rolled out to boost internet connectivity, while 4,000km of roads are being opened up for private sector participation — with 1,000km already approved for construction.

On food security, the minister reaffirmed the government’s commitment to expanding domestic agricultural production, aiming to close the supply gap without relying on increased imports.

“This time, we’re staying the course,” Edun emphasized, calling the reforms “unprecedented” and reaffirming the administration’s intent to drive long-term, sustainable growth through transparency, investment, and innovation.