Nigeria’s Economy Has Stabilised - Taiwo Oyedele - InsideBusiness - Business News in Nigeria
Finance MinisterTaiwo OyedelesaysNigeria’s economyhas moved beyond a period of instability and is now on a more stable path, with the government shifting its attention to inclusive economic growth. Speaking at. . .
Finance MinisterTaiwo OyedelesaysNigeria’s economyhas moved beyond a period of instability and is now on a more stable path, with the government shifting its attention to inclusive economic growth. Speaking at theNigeria Employers’ Summit 2026organised by theNigeria Employers’ Consultative Association (NECA)inAbuja,Taiwo Oyedele, theMinister of Finance and Coordinating Minister of the Economy, said the administration ofPresident Bola Tinubuintroduced reforms that prevented what he described as an impending economic collapse. During a panel session titled“Reforms in Focus: The Milestones, the Challenges and the Prospects,”the minister acknowledged that the reforms created significant short-term hardship. However, he insisted they were essential because Nigeria’s public finances had become unsustainable. According toOyedele, fuel subsidy payments previously consumed almost all oil revenue, while non-oil income went largely towards servicing debt. He said this left little funding for critical investments needed to support economic development. “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 added thatNigeria’s economyhas now entered a period of greater macroeconomic stability, creating better conditions for investment, higher productivity, and long-term economic resilience. Looking ahead,Oyedelesaid the next stage of the government’s agenda will focus on faster economic growth, lower inflation, expanded opportunities across different sectors, and stronger support for low-income households and small businesses. He also called for greater public understanding of government policies, arguing that informed citizens are better placed to demand accountability and contribute to national development. The minister further noted that criticism of government borrowing often comes from the belief that debt is always harmful, although he said responsible borrowing can form part of effective fiscal management. Do you believe the current reforms will deliver lasting improvements forNigeria’s economy?Post Views:78