Economic reforms must protect vulnerable Nigerians — Oyedele

Finance Minister Taiwo Oyedele emphasized the necessity to safeguard vulnerable Nigerians from the adverse impacts of economic reforms, highlighting the importance of social protection measures for inclusive growth. At the Africa’s Golden Future Forum in Bangkok, Oyedele pointed out that Nigeria's cash transfer programme had benefited over 10 million households, while more than 1.5 million students had received education support initiatives.

He emphasized that Nigeria's experience with economic reforms provided valuable insights for other African nations aiming for sustainable growth, enhanced living standards, and stronger regional economic integration. Oyedele identified key components of Nigeria's economic transformation program as fuel subsidy removal, foreign exchange liberalisation, and tax reforms.

He stressed the importance of sequencing reforms, maintaining consistent communication, and building public trust, noting that the order of policy implementation could significantly affect its impact on households and businesses. Removing petrol subsidies before liberalising foreign exchange markets helped mitigate the consequences of rising costs.

Oyedele also underscored the importance of effective communication, robust institutions, and policy consistency to sustain reforms and bolster public confidence. Nigeria is making progress in achieving global recognition for measurement standards and is seeking to bolster its economic foundation through job creation, inclusive growth, and overall expansion.

The minister urged African governments to tackle structural barriers limiting trade and investment, promote infrastructure development, and facilitate regional integration under the African Continental Free Trade Area. The African Development Bank's President, Sidi Ould Tah, also addressed the forum, stressing the need for practical implementation of economic reforms across the continent.

Tah emphasized that policy commitments should translate into tangible results and highlighted the bank's support for Nigeria and Egypt through budget assistance. The AfDB president also pointed out that intra-African trade constituted only about 15% of the continent's total trade, compared to 40-60% in other regions, and that the bank devoted more than 60% of its financing to infrastructure, with its regional financing mechanism covering up to 90% of eligible multinational projects.