Nigeria has moved from economic decline to stability, says Oyedele

By Inncent Anaba

The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has said Nigeria has successfully moved from a period of economic decline and volatility to one of increasing stability, adding that the Federal Government is now focused on accelerating inclusive growth that delivers tangible benefits to citizens and businesses.

Oyedele stated this on Tuesday at the Nigeria Employers’ Summit 2026, organised by the Nigeria Employers’ Consultative Association, NECA, in Abuja.

Speaking during a high-level panel session titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister said the economic reforms introduced by the President Bola Tinubu administration averted an impending economic crisis and laid the foundation for long-term macroeconomic stability.

According to him, although the reforms came with short-term hardships and economic adjustments, they were necessary to restore fiscal sustainability and reposition the country’s economy for sustainable growth.

“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 said.

He explained that before the reforms, Nigeria’s fiscal position had become unsustainable, with most oil revenues consumed by fuel subsidy payments while non-oil revenues were largely used to service debt, leaving little funding for infrastructure and other critical sectors.

The minister noted that the economy has now transitioned from severe volatility to greater stability, creating conditions capable of attracting investment, boosting productivity and strengthening long-term economic resilience.

He said the next phase of the government’s reform agenda would focus on accelerating economic growth, expanding opportunities across productive sectors, reducing inflation and protecting low-income earners as well as small businesses.

Oyedele also stressed the need for greater public understanding of government policies, arguing that informed citizens are better positioned to hold leaders accountable and contribute meaningfully to national development.

He observed that public criticism of government borrowing is often driven by perceptions associated with personal debt rather than an appreciation of borrowing as a legitimate fiscal tool for financing development.

According to him, governments across the world borrow to sustain economic activities and finance critical infrastructure when managed responsibly.

Using the recently enacted tax reforms as an example, the minister said the measures were deliberately designed to protect small businesses and low-income households while ensuring that individuals and organisations with greater capacity contribute more towards funding public services.

He urged Nigerians to adopt a more balanced assessment of the country’s economic progress, noting that despite existing challenges, improvements have been recorded in fiscal management, debt sustainability, investor confidence and overall economic stability.

Other panellists at the summit, include the Director-General of the National Health Insurance Authority, NHIA, Dr. Kelechi Ohiri; Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf; and Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group, NESG, Dr. Wilson Erumebor, also acknowledged the necessity of the ongoing reforms.

They, however, called for stronger policy measures to ensure that the benefits of the reforms translate into improved living standards, enterprise competitiveness and increased support for businesses.

The discussions focused on healthcare financing, infrastructure development, support for small and medium-sized enterprises, power sector reforms, tax administration and strategies for translating macroeconomic stability into inclusive economic growth.

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 enhance enterprise competitiveness and drive sustainable national development.

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