Nigeria’s economic reform experience could help other African countries achieve sustainable growth, expand regional trade and improve living standards, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
Key Highlights
- Oyedele says Nigeria’s reform experience offers lessons for other African countries.
- He spoke at the Africa’s Golden Future Forum in Bangkok, Thailand.
- He cited fuel subsidy removal, FX liberalisation and tax reform as key reforms, stressing the importance of sequencing.
- Nigeria’s cash transfer programme has reached more than 10 million households, he said.
- AfDB President Sidi Ould Tah urged governments to ensure reforms deliver measurable improvements in people’s lives.
Oyedele’s position was contained in a statement issued by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance, following the minister’s appearance at the Africa’s Golden Future Forum in Bangkok, Thailand, on Wednesday.
The minister said the success of economic reforms depends not only on the policies adopted, but also on their sequencing, consistent communication and the ability of governments to build public trust.
He identified the removal of petrol subsidies, foreign exchange liberalisation and tax reform as key elements of Nigeria’s economic adjustment programme, noting that the order of implementation can significantly affect households and businesses.
According to Oyedele, removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising costs.
He added that strong institutions, effective communication and policy consistency were necessary to sustain reforms and maintain public confidence.
The minister said Nigeria’s ongoing reforms were intended to create a foundation for inclusive economic growth, employment and increased productivity.
Removing Barriers to African Trade
However, he stressed that African countries must tackle structural challenges that continue to restrict trade and investment across the continent.
Oyedele called for the removal of trade barriers, improved infrastructure and deeper regional cooperation to maximise opportunities under the African Continental Free Trade Area (AfCFTA).
He also disclosed that Nigeria was developing an economic policy framework to improve coordination among trade, fiscal and monetary policies.
The minister identified energy supply, logistics, storage and processing facilities as essential investments for improving the movement of goods, strengthening regional value chains and making African businesses more competitive.
He further highlighted Nigeria’s National Single Window initiative, which is designed to simplify border procedures and improve the efficiency of international trade.
On the social impact of economic reforms, Oyedele emphasised the importance of protecting vulnerable citizens through targeted support programmes.
He said Nigeria’s cash transfer programme has reached more than 10 million households, while over 1.5 million students have benefited from education support.
AfDB Calls for Measurable Results
Also speaking at the forum, African Development Bank (AfDB) President Sidi Ould Tah urged African governments to move beyond policy commitments and ensure that reforms produce measurable improvements in people’s lives.
Ould Tah said the bank had supported reform programmes in Nigeria and Egypt through budget support and was collaborating with development partners to expand electricity access across Africa.
He cited Mission 300, an initiative involving the World Bank and other partners, which aims to connect 300 million Africans to electricity by 2030.
According to him, more than 30 African countries had signed energy compacts requiring coordinated policy reforms, infrastructure investment and private sector participation to expand electricity access.
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The AfDB president also highlighted the limited level of trade among African countries, saying intra-African trade accounted for approximately 15 per cent of the continent’s total trade, compared with between 40 and 60 per cent in other regions.
He said the bank allocated more than 60 per cent of its financing to infrastructure, including regional projects intended to improve connectivity and support economic integration.
Ould Tah added that the African Development Fund’s regional financing mechanism could cover up to 90 per cent of eligible projects involving more than two African countries.
He said the arrangement was designed to help close financing gaps that frequently delay cross-border infrastructure projects and limit cooperation among African economies.
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