Economic reforms must protect vulnerable Nigerians – Oyedele

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has emphasized the necessity of safeguarding vulnerable Nigerians from the potential negative impacts of economic reforms. In a statement shared by the Head of Media at the Federal Ministry of Finance, Oyedele highlighted the importance of implementing social protection measures during the economic transition process.

Addressing the Africa’s Golden Future Forum in Bangkok, Thailand, Oyedele revealed that over 10 million households have benefited from the Federal Government's cash transfer programme, and more than 1.5 million students have received education support initiatives. The minister argued that Nigeria's experience with economic reforms could serve as valuable lessons for other African countries striving for sustainable growth, enhanced living standards, and increased regional economic integration.

Oyedele pointed out the significance of removing the petrol subsidy prior to liberalising the foreign exchange market to mitigate the consequences of escalating costs. He also stressed the need for effective communication, robust institutions, and consistent policy implementation to maintain reforms and bolster public trust. The African Development Bank's President, Sidi Ould Tah, spoke at the forum and called for the practical implementation of economic reforms across the continent, emphasizing that policy commitments should result in tangible outcomes.