Finance minister, Mr. Taiwo Oyedele Mr. Taiwo Oyedele Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele

Nigeria has moved from a period of economic decline and instability to one of growing stability, with the government now focused on accelerating inclusive growth and delivering tangible benefits to citizens and businesses, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has said.

Speaking at the Nigeria Employers’ Summit 2026, organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, Oyedele said the economic reforms introduced by President Bola Tinubu’s administration have helped avert a looming economic crisis and laid the groundwork for sustainable growth.

The minister made the remarks during a high-level panel session themed, “Reforms in Focus: The Milestones, the Challenges and the Prospects”, attended by business leaders, policymakers and development partners.

According to him, although the reforms involved difficult adjustments and short-term sacrifices, they were essential to restoring fiscal discipline and repositioning the economy for long-term prosperity. He explained that before the reforms, Nigeria’s fiscal situation had become unsustainable, with most oil revenues being used to fund fuel subsidies while non-oil revenues were largely consumed by debt servicing obligations.

“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,” he said.

Oyedele noted that the administration had successfully steered the economy away from severe volatility and created a more stable environment capable of attracting investment, stimulating productivity and strengthening economic resilience. He added that the next phase of the reform programme would focus on achieving faster economic growth, expanding opportunities across sectors, reducing inflation and protecting low-income households and small businesses.

The minister also stressed the need for greater public understanding of government policies, arguing that informed citizens are better equipped to hold leaders accountable and contribute to national development. He said public concerns over government borrowing were often influenced by perceptions of personal debt, which is frequently viewed as a moral failing rather than a financial strategy.

Drawing attention to recent tax reforms, Oyedele said the measures were deliberately structured to shield small businesses and low-income earners while ensuring that wealthier individuals and larger entities contributed more to financing public services and national development.

He urged Nigerians to adopt a more balanced assessment of the country’s progress, noting that despite ongoing challenges, notable improvements had been recorded in fiscal management, debt sustainability, investor confidence and overall economic stability.

Other panellists, including the Director-General of the National Health Insurance Authority, Kelechi Ohiri; the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf; and the Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group, Wilson Erumebor, acknowledged the necessity of the reforms while calling for measures to speed up their impact on businesses and citizens.

Discussions at the summit centred on healthcare financing, infrastructure development, support for small and medium-sized enterprises, power sector reforms, tax administration and ensuring that macroeconomic stability translates into improved living standards and stronger enterprise competitiveness. The event brought together senior government officials, private sector leaders, development partners and economic experts to examine how ongoing reforms and Environmental, Social and Governance principles can drive inclusive national growth.

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