Nigeria's Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has assured investors that the government will maintain its course on ongoing economic reforms. He made this statement while speaking virtually at the launch of the Private Sector Outlook 2026 by the Nigerian Economic Summit Group (NESG) in Lagos.
In a statement issued by the head of Information and Public Relations at the ministry, Efe Ovuakporie, Oyedele emphasized that the administration is shifting from stabilization to measurable growth, where reforms will be judged by outcomes rather than intent. His comments came just 48 hours after assuming office, following the departure of Wale Edun from the Federal Executive Council.
Consistency and Investor Confidence
Oyedele stressed that the government is not looking back and that consistency in policy direction remains critical to investor confidence. He warned that mixed signals or abrupt reversals could stall progress, noting that “businesses need to know that today’s decisions will still hold tomorrow.”
Pointing to early signs of macroeconomic stabilization, including a more aligned exchange rate and improved revenue performance, the minister said these gains must translate into tangible outcomes such as job creation, productivity growth, and better living standards.
Four Key Priorities
Oyedele identified four priorities for driving investment in the next phase: policy consistency, predictability across fiscal and regulatory frameworks, reduction in the cost of doing business, and improved access to capital.
On financing, he said the government is working to expand credit across the economy, from consumer lending to industrial financing, with support from institutions such as the Bank of Industry (BoI) to stimulate growth and unlock private sector participation.
Targeting Real GDP Growth
The minister added that Nigeria must target stronger real GDP per capita growth to make a meaningful impact on poverty, noting that modest growth figures would not be sufficient given the country's population dynamics.
He described the current stage of reforms as decisive, with success depending on execution. “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 policy announcements.
Productivity and Collaboration
On the productivity front, Oyedele said Nigeria must move beyond consumption-driven expansion and focus on improving output and competitiveness in key sectors, including agriculture, manufacturing, energy, and the digital economy. He also called for deeper collaboration between the government and the private sector, maintaining that economic growth cannot be delivered by public policy alone.
As the country enters what he termed a consolidation phase, Oyedele said the government will continue to deepen reforms, strengthen public financial management, and improve coordination across all tiers of government. He acknowledged risks, including reform fatigue, inflationary pressures from global uncertainties, and political tensions ahead of the election cycle, but maintained that these challenges are surmountable with discipline and cooperation.
“Our task now is execution. This phase demands focus, consistency and accountability. That is the direction we are pursuing,” he added.
NESG Chairman's Remarks
Chairman of the NESG, Olaniyi Yusuf, described the report as a forward-looking framework designed to guide businesses in navigating an evolving economic landscape shaped by both domestic reforms and global pressures. He noted that while recent fiscal and monetary measures have begun to stabilize key indicators, a significant gap remains between macroeconomic gains and real sector performance, as well as the lived realities of households and firms.
According to him, Nigeria's economy is gradually emerging from a period of acute instability, with 2025 reflecting early signs of recovery. He said these developments signal initial progress driven by sustained reforms, but cautioned that such improvements have yet to translate into broad-based productivity gains at the firm level.
