The Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria has emerged from its most difficult economic phase and is now focused on accelerating inclusive growth that delivers tangible benefits to citizens and businesses. Speaking at the Nigeria Employers’ Summit 2026, organised by the Nigeria……
The Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria has emerged from its most difficult economic phase and is now focused on accelerating inclusive growth that delivers tangible benefits to citizens and businesses.
Speaking at the Nigeria Employers’ Summit 2026, organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja on Wednesday, Oyedele said the economic reforms introduced by President Bola Ahmed Tinubu’s administration helped avert an impending economic collapse and laid the foundation for macroeconomic stability.
Addressing a high-level panel on “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister acknowledged that while the reforms brought short-term hardships, they were essential to restoring fiscal sustainability and repositioning the economy for long-term growth.
According to him, before the reforms, oil revenues were largely consumed by fuel subsidy payments, while non-oil revenues were used to service debts, leaving limited resources for infrastructure and other critical investments.
> “The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” Oyedele said.
He stated that the government has moved the economy from a period of severe volatility to increasing stability, creating a more favourable environment for investment, productivity and long-term economic resilience.
Oyedele said the next phase of the administration’s reform agenda would focus on accelerating economic growth, reducing inflation, expanding opportunities across key sectors, and protecting low-income earners and small businesses.
The minister also stressed the importance of public understanding of government policies, arguing that informed citizens are better positioned to hold government accountable and contribute to national development.
He noted that public criticism of government borrowing often stems from misconceptions about debt, explaining that sovereign borrowing, when properly managed, is a legitimate fiscal tool rather than an indication of economic failure.
Using the recently enacted tax reforms as an example, Oyedele said the measures were deliberately designed to shield small businesses and low-income households while ensuring wealthier individuals and larger businesses contribute more towards financing public services.
He urged Nigerians to adopt a more balanced assessment of the country’s economic progress, maintaining that improvements have been recorded in fiscal management, debt sustainability, investor confidence and overall economic stability despite persistent challenges.
Other panelists, including Director-General of the National Health Insurance Authority (NHIA), Dr. Kelechi Ohiri; Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, and Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group (NESG), Dr. Wilson Erumebor, agreed that the reforms were necessary but called for stronger measures to ensure their benefits reach businesses and ordinary Nigerians more quickly.
Discussions at the summit centred on improving healthcare financing, strengthening infrastructure, supporting small and medium-sized enterprises, advancing power sector reforms, deepening tax administration and ensuring that macroeconomic stability translates into improved living standards and greater enterprise competitiveness.