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The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has assured investors that Nigeria will maintain a consistent reform trajectory, ruling out any reversal of ongoing economic policies.
Speaking at the launch of the Nigerian Economic Summit Group Private Sector Outlook 2026 in Lagos, Oyedele emphasised that policy stability would remain a cornerstone of the government’s economic strategy.
“We are not looking back,” he said, stressing that consistency and predictability are critical to sustaining investor confidence and long-term economic planning.
He cautioned that abrupt policy shifts or mixed signals could derail progress, noting that businesses rely on clarity and continuity when making investment decisions.
The minister’s remarks come shortly after his appointment, following a recent cabinet reshuffle that saw a change in leadership at the finance ministry.
According to Oyedele, Nigeria is transitioning from a phase of macroeconomic stabilisation to one focused on delivering measurable growth outcomes. He noted that reforms must now translate into tangible benefits, including job creation, increased productivity, and improved living standards.
He pointed to early indicators of stabilisation, such as exchange rate alignment and improved government revenue, but stressed that these gains must be sustained and deepened through targeted policy execution.
Key priorities for the next phase, he said, include maintaining policy consistency, improving the regulatory environment, lowering the cost of doing business, and expanding access to finance across the economy.
On credit expansion, Oyedele disclosed that the government is working with development finance institutions, including the Bank of Industry, to unlock funding for businesses and stimulate private sector-led growth.
He also underscored the importance of accelerating real GDP per capita growth, warning that modest expansion rates would be insufficient to significantly reduce poverty given Nigeria’s population growth.
“Reforms alone do not deliver growth. What is required is investment at scale,” he said, adding that investors are more responsive to stable and predictable environments than to policy announcements.
The minister further highlighted the need to shift the economy from consumption-driven growth to a productivity-led model, with a focus on key sectors such as agriculture, manufacturing, energy, and the digital economy.
He called for stronger collaboration between the public and private sectors, noting that sustainable economic development cannot be achieved through government action alone.
As Nigeria enters what he described as a consolidation phase, Oyedele said efforts would focus on deepening reforms, strengthening public financial management, and improving coordination across all levels of government.
While acknowledging potential risks—including reform fatigue, inflationary pressures, and political uncertainties—he expressed confidence that these challenges can be managed through disciplined implementation and stakeholder cooperation.
“Our task now is execution,” he said. “This phase demands focus, consistency, and accountability.”
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