The Federal Government’s ongoing economic reforms are deliberately designed to ensure that the poor and vulnerable benefit directly from their gains, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has assured Nigerians.
Speaking at the Oxford Global Think Tank Leadership Conference in Abuja, Edun said the government remains mindful of the hardship many citizens are facing, especially amid rising food prices and transportation costs, but emphasized that targeted measures are being implemented to cushion the impact.
“Our priority is to make sure the reforms we are implementing touch the lives of ordinary Nigerians. We have a transparent and accountable system in place to support 15 million households across the country,” Edun said.
He explained that the payment system is digital, linking each beneficiary’s name and national identity number to their bank account or mobile wallet, thereby ensuring transparency and real-time monitoring of disbursements.
Addressing concerns over uneven access to the funds, the minister disclosed that data would soon be released to show the list of beneficiaries who have received the first, second, and third tranches of support.
Beyond cash transfers, Edun revealed that the government has launched a ward-based development initiative, designed to channel resources and opportunities directly to Nigeria’s 8,809 wards across 774 local government areas.
“The programme is about empowering economically active citizens — small business owners, cottage industries, and local entrepreneurs — to drive production, create jobs, and strengthen grassroots economies,” he stated.
The minister emphasized that the economic reforms are not just about macroeconomic stability, but also about building an inclusive economy where every Nigerian feels the positive impact of policy changes.
He also commended Nigerian youths for their growing commitment to empathy, integrity, and responsibility, describing these as key virtues for the next generation of leaders.
“Our young people are embracing values that can shape a better Nigeria. Leadership must be about character and service to humanity,” he said, while commending the organisers of the Oxford Global Think Tank Leadership Conference for “creating a platform for dialogue on sustainable leadership and economic development.”
In her remarks, Ms. Arunma Oteh, Founder of the Oxford Global Think Tank, former SEC Director-General, and former World Bank Vice President, urged the Federal Government to prioritize mobilizing long-term capital and investing aggressively in infrastructure to unlock Nigeria’s full economic potential.
“Nigeria cannot grow sustainably without access to affordable, long-term capital. Both the government and private sector need patient investment that drives innovation and job creation,” Oteh said.
Citing comparisons with China, she observed that while the Asian giant invests about 24% of its GDP in infrastructure, Nigeria spends barely 4–5%. She recommended raising that figure to at least 12% of GDP to bridge the nation’s infrastructure gap.
Oteh called on the Central Bank of Nigeria and the Ministry of Finance to scale up efforts to raise productive capital, support small businesses, and expand public works that can boost economic output.
“Small businesses need affordable financing, and the government must expand its capacity to invest in roads, power, logistics, and connectivity to improve the movement of goods and services,” she emphasized.
She also challenged Nigeria to diversify its revenue base through the development of its over 40 commercially viable minerals, which remain largely untapped.
“Why are these minerals still on the exclusive legislative list? Each state should be able to develop and benefit from its natural resources. That’s how to create jobs and generate wealth,” she said.
Oteh further disclosed that the Oxford Global Project would soon publish a special report titled “Reforming Africa’s Mineral Sector to Prosper Africa,” highlighting Africa’s emerging resource opportunities and the importance of responsible governance in mineral development.
On leadership, Oteh underscored the need for values-driven governance anchored on character, competence, compassion, and courage.
“Our grandparents taught us that leadership is doing the right thing even when it’s difficult. That is the kind of leadership that will take Nigeria and Africa to greater heights,” she said.
In the same vein, a former Central Bank Governor and current Emir of Kano, Sanusi Lamido Sanusi, also spoke at the event, warning that Nigeria’s present economic hardship is the direct consequence of delayed policy decisions, particularly the failure to remove fuel subsidy earlier.
“If we had removed the subsidy over a decade ago, the pain would have been far less. The current hardship is the cost of delay,” Sanusi stated.
He described Nigeria’s former subsidy structure as an “open-ended hedge” that drained public finances and pushed the country toward insolvency.
“The government effectively told 200 million people they would never pay more than a fixed price per litre — regardless of oil prices or exchange rates. That is not a subsidy; it was fiscal suicide,” he said.
Sanusi revealed that the nation eventually had to borrow to pay both the subsidy and the interest on those loans — a situation he termed ‘bankruptcy by policy.’
Reflecting on the current leadership of the Central Bank, Sanusi praised Mr. Olayemi Cardoso as a competent and principled governor who has brought stability and professionalism to monetary policy.
“The Central Bank’s role is not to create growth or jobs directly but to ensure macroeconomic stability. Mr. Cardoso is doing just that,” he concluded.
Building a Shared Vision for Nigeria’s Future
The Oxford Global Think Tank Leadership Conference brought together policymakers, economists, investors, and thought leaders to discuss Nigeria’s pathway to inclusive growth, capital mobilisation, and leadership renewal.
Speakers agreed that for Nigeria to achieve its development goals, the nation must focus on infrastructure investment, transparent governance, youth empowerment, and values-based leadership that prioritizes the welfare of all citizens.
At the Oxford Global Think Tank Leadership Conference in Abuja, Finance Minister Wale Edun reaffirmed that Nigeria’s economic reforms are designed to benefit the poor and vulnerable. Arunma Oteh urged greater investment in infrastructure and long-term capital mobilisation, while Sanusi Lamido Sanusi warned that current economic pains are the cost of delayed reforms.
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