By Bassey Udo
Barely 48 hours after assuming office as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has assured investors that the Federal Government has no plans to reverse its economic reforms.
The Minister who spoke at the launch of the Nigerian Economic Summit Group Private Sector Outlook 2026 in Lagos on Thursday said the government was determined to stay the course on the reforms, as policy reversals would not define the current phase of the country’s economic management.
Rather Oyedele said the administration was shifting its focus from stabilisation to measurable growth, where the reforms would be judged by outcomes rather than intent.
“We are not looking back on the economic reforms,” Oyedele said, stressing that consistency in policy direction remains critical to building investor confidence.
He warned that mixed signals or abrupt reversals of policies could stall progress, noting that “businesses need to know that today’s decisions will still hold tomorrow.”
Pointing to early signs of macroeconomic stabilisation, including a more aligned exchange rate and improved revenue performance, the minister said these gains must be allowed to translate into tangible outcomes such as job creation, productivity growth and better living standards for the people.
He identified four priorities for driving investment in the next phase, including policy consistency, predictability across fiscal and regulatory frameworks, reduction in the cost of doing business, and improved access to capital.
On financing, Oyedele said the government was working on expanding 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 in the development of the economy.
Nigeria, he pointed out, must target stronger real gross domestic product (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.
The minister described the current stage of the reforms as decisive, where success would depend on effective 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.
On the area of productivity, 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 called for deeper collaboration between 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 would continue to deepen reforms, strengthen public financial management and improve coordination across all tiers of government.
He, however, 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,” Oyedele said, adding “this phase demands focus, consistency and accountability. That is the direction we are pursuing.”
