Nigeria’s Economic Reforms a Model for Africa – Oyedele
Nigeria’s experience with economic reforms offers valuable lessons for African countries seeking sustainable growth, stronger regional trade and improved living standards, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has said.
Oyedele spoke on Wednesday at the Africa’s Golden Future Forum in Bangkok, Thailand, where he highlighted the importance of carefully sequencing reforms, communicating policy decisions consistently and building public trust.
He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as major components of Nigeria’s economic reform programme, noting that the order in which policies are implemented determines their impact on citizens and businesses.
According to him, removing the fuel subsidy before liberalising the foreign exchange market helped Nigeria manage the effects of rising costs.
He stressed that effective communication, strong institutions and consistent policies are essential to sustaining reforms and building public confidence, adding that the reforms are laying the groundwork for inclusive growth, job creation and economic expansion.
Oyedele called for the removal of trade barriers, improved infrastructure and stronger regional integration to unlock the opportunities offered by the African Continental Free Trade Area (AfCFTA).
He said Nigeria is developing an economic policy framework to align trade, fiscal and monetary policies and improve coordination, with energy, logistics, storage and processing infrastructure identified as critical to strengthening African trade and competitiveness.
In a statement by the Ministry’s Head of Media, Efe Ovuakporie, the Minister also highlighted Nigeria’s National Single Window initiative, designed to simplify border procedures and improve trade efficiency.
On social protection, he said government is working to shield vulnerable citizens from the effects of reforms, disclosing that Nigeria’s cash transfer programme has reached more than 10 million households, while over 1.5 million students have benefited from education support.
Also speaking, the President of the African Development Bank (AfDB), Mr. Sidi Ould Tah, called for practical implementation of reforms across Africa, stressing that policy commitments must translate into tangible results.
He said the Bank has supported reforms in Nigeria and Egypt through budget support and is working with development partners to expand electricity access, citing Mission 300 — an initiative launched with the World Bank to connect 300 million Africans to electricity by 2030.
Ould Tah disclosed that more than 30 African countries have signed energy compacts requiring coordinated reforms, infrastructure investment and private sector participation.
The AfDB President noted that intra-African trade accounts for about 15 per cent of the continent’s total trade, compared with 40 per cent and 60 per cent in other regions, adding that the Bank devotes more than 60 per cent of its financing to infrastructure, including regional projects.
He added that the African Development Fund’s regional financing mechanism can cover up to 90 per cent of eligible regional projects involving more than two African countries.
