Nigeria’s new Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has pledged that the government will maintain its current economic reform trajectory without reversals.
Oyedele made the commitment on Thursday, April 23, at the Nigerian Economic Summit Group Private Sector Outlook 2026 event in Lagos.
In a statement released by Efe Ovuakporie, Head of Information and Public Relations at the Federal Ministry of Finance, the minister emphasized that policy stability would be a cornerstone of the administration’s economic strategy.
“We are not looking back,” Oyedele declared, stressing that consistent policy direction is essential for building investor confidence.
He cautioned that contradictory signals or sudden policy shifts could damage progress already made.
“Businesses need to know that today’s decisions will still hold tomorrow,” he stated.
The remarks came just 48 hours after Oyedele took office, replacing Wale Edun who recently exited the Federal Executive Council.
The finance minister said Nigeria is transitioning from stabilization measures to a growth-oriented phase where reforms will be judged by their results rather than promises.
While acknowledging early positive signs such as a more stable exchange rate and better revenue collection, he stressed these improvements must lead to concrete benefits like job creation, higher productivity, and better quality of life for citizens.
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Oyedele outlined several priorities needed to attract investment, including maintaining policy consistency, ensuring predictability in fiscal and regulatory matters, lowering business operating costs, and expanding access to financing.
On credit expansion, he said the government is working to increase lending across various sectors, from individual consumers to industrial players, with assistance from institutions like the Bank of Industry.
The minister emphasized that Nigeria needs robust per capita GDP growth to meaningfully reduce poverty, warning that marginal improvements would not be enough given the country’s large and growing population.
“Reforms on their own do not create growth. We need investment at scale,” he said, noting that investors prioritize stability and predictability over government announcements.
On the productivity front, Oyedele called for Nigeria to shift away from merely consuming more and instead focus on producing more efficiently, particularly in agriculture, manufacturing, energy, and digital sectors.
He stressed that government action alone cannot drive sustainable growth, urging stronger partnership between public and private sectors.
As Nigeria enters what he termed a consolidation phase, Oyedele said efforts would focus on deepening reforms, improving public financial management, and enhancing coordination between different levels of government.
The minister acknowledged potential obstacles including weariness with reform measures, inflation risks from global developments, and political uncertainties as elections approach, but expressed optimism that these challenges could be managed through discipline and collaboration.
“Our task now is execution. This phase demands focus, consistency and accountability. That is the direction we are pursuing,” Oyedele concluded.