‘Nigeria Rising’: Oyedele says reforms are changing how world sees Nigeria

The Federal Government of Nigeria has asserted that the country is undergoing a transformation in its international perception, attributing this shift to tax overhauls and comprehensive economic reforms. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, outlined this narrative of "Nigeria Rising" during the 2026 IMF-World Bank Meetings held in Thailand.

Oyedele explained that this narrative aims to communicate the country's evolving status and challenge perceptions that do not align with the government's assessment of its economic advancements.

During the closing press briefing of the meetings, Oyedele noted an increasing interest in Nigeria from international stakeholders, attributing this to the country's ongoing reform initiatives. He stressed that the government believes these reforms are setting a foundation for sustainable growth, highlighting changes in the tax system and economic management as crucial steps in this direction.

The overhaul of Nigeria's tax system, according to Oyedele, is a significant part of the reforms. This exercise, completed within two years, represents broader efforts to reform public administration and enhance the economy. Oyedele urged Nigerians to disregard negative headlines and focus on the opportunities presented by the government's economic program.

He expressed optimism that Nigeria's economic growth could outpace the International Monetary Fund's (IMF) projections of 4.3% for 2026 and 4.4% for 2027, describing these forecasts as historically conservative.

Oyedele set an ambitious target of achieving a 7% growth rate, supported by measures to address structural challenges, curb inflation, and improve the business environment. He identified food, energy, and logistics costs as key contributors to inflation, emphasizing that the government is working to alleviate these pressures to achieve lower inflation and more favorable borrowing conditions.

He argued that reducing inflation to single-digit levels could make single-digit interest rates feasible, thereby enhancing access to credit for businesses and stimulating investment.

The minister pointed out that high borrowing costs are a significant constraint on businesses, with some companies recording impressive growth rates of around 30% while the broader economy expands at a slower pace. Oyedele also noted positive developments in the foreign exchange market, attributing the improved outlook for inflation to the strengthened naira, which is easing some economic pressures.

Earlier this month, Nairametrics reported that the IMF had revised Nigeria's 2026 economic growth forecast upward to 4.2% from the previous estimate of 4.1%, while retaining its growth projection of 4.3% for 2027. This adjustment by the IMF underscores the gap between the country's growth ambitions and the Fund's expectations for the next two years.