The Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has declared that Nigeria has emerged from the most difficult phase of its economic reforms, saying the country’s priority is now to accelerate inclusive economic growth that delivers tangible benefits to businesses and citizens.
Speaking at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, Oyedele said the economic reforms introduced by President Bola Ahmed Tinubu’s administration had averted an imminent economic collapse and laid the foundation for macroeconomic stability and sustainable growth.
Addressing business leaders, policymakers and development partners during a high-level panel session themed “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister acknowledged that although the reforms came with short-term hardships and economic volatility, they were unavoidable.
“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.
The minister explained that before the reforms, Nigeria’s fiscal position had become unsustainable, with virtually all oil revenues being consumed by fuel subsidy payments, while non-oil revenues were largely used to service debt obligations, leaving little fiscal space for investments in infrastructure and other critical sectors.
According to him, the government has now successfully moved the economy from a period of severe instability to one of increasing stability, creating the right conditions to attract investment, boost productivity and strengthen long-term economic resilience.
Oyedele said the next phase of the administration’s economic agenda would focus on achieving faster economic growth, expanding opportunities across key sectors, reducing inflation and protecting vulnerable Nigerians as well as small businesses.
He also stressed the importance of improving public understanding of government policies, arguing that citizens who understand economic reforms are better equipped to hold government accountable and contribute meaningfully to national development.
The minister noted that public criticism of government borrowing often stems from the way personal debt is perceived.
He said many Nigerians view debt as a moral failing, leading to the misconception that government borrowing automatically amounts to mortgaging the country’s future rather than serving as a legitimate fiscal strategy for sustaining economic activity.
Using the recently enacted tax reforms as an example, Oyedele said the administration deliberately structured the measures to protect the most vulnerable while ensuring greater equity in the tax system.
“The recent tax reforms were deliberately designed to shield small businesses and low-income households while ensuring that those with greater capacity contribute more towards financing public services and national development,” he said.
He urged Nigerians to adopt a more balanced assessment of the country’s economic progress, maintaining that despite existing challenges, the government has made measurable gains in fiscal management, debt sustainability, investor confidence and macroeconomic stability.
Other panellists, including the Director-General of the National Health Insurance Authority (NHIA), Dr Kelechi Ohiri; the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf; and the 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 the benefits of the reforms are felt more quickly by businesses and ordinary Nigerians.
Discussions at the summit focused on strengthening healthcare financing, improving infrastructure, supporting small and medium-sized enterprises, accelerating power sector reforms, deepening tax administration and ensuring that macroeconomic stability translates into higher living standards and greater enterprise competitiveness.
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 inclusive national growth.
Boluwatife Enome
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