Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, says domestic and international investors have largely dismissed the opposition as unserious over its position on restoring fuel subsidy.
Oyedele said investors had not factored the opposition’s proposed return to fuel subsidy into their market expectations because they did not consider the proposal a credible policy direction.
He spoke at a press briefing on the sidelines of the 2026 International Monetary Fund and World Bank annual meetings in Bangkok, Thailand, while responding to questions from ARISE News Business Correspondent Rotus Osiris about balancing investors’ interests with the needs of Nigerians.
“I came to a conclusion that the markets, including the domestic market, because that you can read from the capital markets, and the international markets have largely written off the opposition in Nigeria as being unserious,” Oyedele said.
“That is why they have not priced in the proposed return of subsidy.”
The minister said the reaction of investors to any move to restore fuel subsidy would demonstrate the extent to which the markets viewed such a policy reversal as a threat to Nigeria’s economic direction.
He warned that the consequences could become evident if President Bola Tinubu announced plans to reconsider the policy.
“And the reason why you know what I’m saying is right is, God forbid, if Mr. President says today we are considering subsidy, you will see the reflection in price,” he said.
Oyedele said concerns about a possible reversal of economic reforms had featured prominently in his engagements with investors in recent months.
“I’ll tell you two things. In these meetings we’ve had for the whole week, and the meetings I’ve had before now, I’ve been to London twice to meet with the investors, just out of many. And the question of are you guys going to reverse your reforms, are you under pressure because of elections, has been a recurring one.”
He said investors were closely monitoring whether the government would maintain its economic reform programme despite political pressure ahead of elections.
The minister also argued that restoring fuel subsidy could trigger capital flight and put further pressure on the naira.
“If, for any reason, Mr. President says we are considering just that, we are considering return of subsidy on fuel, you know this thing that is happening to Indonesia, it will be a child’s play. Because at the end of the day, capital will leave once you say that, because they know what it means.”
Faridah Abdulkadiri
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