…Moves to Douse Fears Over Status of Reforms
By Franklin Adole
Nigeria’s new Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has pledged to drive job creation and improve living standards, while moving swiftly to reassure investors and citizens that the country’s economic reforms remain firmly on track.
Speaking at the launch of the Nigerian Economic Summit Group Private Sector Outlook 2026 in Lagos, Oyedele said the administration of President Bola Tinubu would maintain policy consistency and avoid reversals that could undermine confidence in the economy.
His remarks came less than 48 hours after he assumed office, following the exit of Wale Edun, and amid heightened scrutiny over the direction of government policy.
“We are not looking back,” Oyedele said, in a clear signal that the reform programme initiated by the administration will continue uninterrupted. He stressed that consistency and predictability are critical, warning that mixed signals or abrupt policy shifts could stall progress and weaken investor confidence.
The minister noted that Nigeria is moving from a phase of macroeconomic stabilisation to one focused on measurable growth, where reforms will be judged by outcomes such as employment generation, productivity gains, and improved welfare for citizens.
While pointing to early signs of stabilisation, including better revenue performance and a more aligned exchange rate, Oyedele said the real priority is to translate these gains into tangible benefits for Nigerians.
To achieve this, he outlined key priorities for the next phase of economic management: sustaining policy consistency, ensuring predictability across fiscal and regulatory frameworks, reducing the cost of doing business, and expanding access to capital.
On financing, Oyedele disclosed that the government is working to deepen credit access across the economy, from consumer lending to industrial financing, with support from institutions such as the Bank of Industry. The objective, he said, is to unlock private sector investment at scale and accelerate growth.
He also emphasised the need for stronger real GDP per capita growth, warning that modest expansion will not be sufficient to tackle poverty given Nigeria’s population dynamics.
Describing the current phase as decisive, Oyedele said success would depend largely on execution rather than policy formulation. “Reforms on their own do not create growth. We need investment at scale,” he said, adding that investors respond to stable and predictable environments, not just policy announcements.
The minister further called for a shift from consumption-driven expansion to productivity-led growth, identifying agriculture, manufacturing, energy, and the digital economy as key sectors for boosting output and competitiveness.
He stressed the importance of collaboration between government and the private sector, noting that economic transformation cannot be achieved by public policy alone.
As the country enters what he described as a consolidation phase, Oyedele said the government would deepen reforms, strengthen public financial management, and improve coordination across all tiers of government.
He acknowledged existing risks, including reform fatigue, inflationary pressures driven by global uncertainties, and political tensions ahead of the election cycle, but maintained that these challenges are manageable with discipline and cooperation.
“Our task now is execution,” Oyedele said. “This phase demands focus, consistency, and accountability.”