Oyedele: Nigeria Moves from Economic Crisis to Stability, Shifts Focus to Inclusive Growth

 The Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has declared that Nigeria has successfully emerged from the most difficult phase of its economic reforms, with the Federal Government now prioritising accelerated inclusive growth that delivers measurable benefits to citizens, businesses and investors.
Speaking at the Nigeria Employers’ Summit 2026, organised by the Nigeria Employers’ Consultative Association in Abuja, Oyedele said the bold economic reforms introduced by the administration of Bola Ahmed Tinubu had rescued the nation from the brink of economic collapse and laid the foundation for macroeconomic stability, fiscal sustainability and long-term economic resilience.
Addressing business executives, policymakers and development partners during a high-level panel discussion titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister acknowledged that while the reforms initially brought economic hardship and market volatility, they were necessary to stabilise the economy and restore investor confidence.
According to him, Nigeria’s fiscal position before the reforms had become unsustainable, with revenues from crude oil largely consumed by fuel subsidy payments, while non-oil revenues were almost entirely devoted to servicing debt, leaving limited resources for infrastructure, healthcare, education and other critical development priorities.
“The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” Oyedele stated.
The minister noted that the country’s economic landscape has now transitioned from a period of uncertainty and instability to one characterised by improving macroeconomic fundamentals, creating a more favourable environment for domestic and foreign investment, increased productivity and sustainable economic expansion.
He explained that the next phase of the government’s reform agenda will focus on accelerating economic growth, expanding opportunities across key sectors, reducing inflationary pressures and ensuring that vulnerable groups, particularly low-income households and small businesses, are adequately protected.
Oyedele also emphasised the importance of improving public understanding of government economic policies, arguing that informed citizens are better equipped to participate in national development and hold public institutions accountable.
He observed that many Nigerians view government borrowing negatively because of societal perceptions that equate debt with financial irresponsibility. However, he stressed that responsible sovereign borrowing, when properly managed, remains an essential fiscal tool for financing development, stimulating economic activities and sustaining government operations.
Using the recently enacted tax reforms as an example, the minister explained that the policies were intentionally structured to provide relief for small businesses and low-income earners, while ensuring that individuals and organisations with greater financial capacity contribute a fairer share towards funding public services and national development.
He urged Nigerians to adopt a more balanced assessment of the country’s economic journey, noting that despite existing challenges, considerable progress has been achieved in fiscal management, debt sustainability, investor confidence and macroeconomic stability.
Other participants at the summit also acknowledged the importance of the ongoing reforms while urging government to intensify efforts to ensure that the benefits are more quickly felt by businesses and ordinary Nigerians.
Among the panelists were the Director-General of the National Health Insurance Authority, Kelechi Ohiri; Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf; and Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group, Wilson Erumebor.
The experts advocated stronger interventions to support healthcare financing, improve infrastructure, strengthen power sector reforms, deepen tax administration, enhance support for small and medium-sized enterprises (SMEs), and ensure that macroeconomic gains translate into improved living standards, increased productivity and greater competitiveness for Nigerian businesses.
According to a statement signed by Maryann Duke, Senior Special Assistant on Communications and Press Secretary to the Honourable Minister of Finance and Coordinating Minister of the Economy, the Nigeria Employers’ Summit 2026 brought together senior government officials, private sector leaders, development partners and economic experts to examine how ongoing economic reforms and Environmental, Social and Governance (ESG) principles can strengthen enterprise competitiveness and drive inclusive national development.