The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has stressed the need to shield vulnerable Nigerians from the adverse effects of economic reforms, insisting that effective social protection measures are critical to achieving inclusive growth.
Oyedele stated this at the Africa’s Golden Future Forum in Bangkok, Thailand, where he highlighted Nigeria’s experience with economic reforms and the lessons other African countries could learn from the country’s approach.
According to a statement issued by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie, the minister disclosed that the Federal Government’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support initiatives.
He identified the removal of petrol subsidy, foreign exchange liberalisation and tax reforms as key components of Nigeria’s economic transformation programme.
Oyedele explained that the success of reforms depended not only on the policies themselves but also on the timing of their implementation, effective communication and the ability of governments to build public trust.
He said the sequence of economic policy decisions could significantly influence their effects on households and businesses.
The minister maintained that removing the petrol subsidy before liberalising the foreign exchange market helped manage the impact of rising costs.
He also emphasised the need for strong institutions and policy consistency to sustain reforms and strengthen public confidence.
Oyedele said Nigeria’s ongoing reforms were intended to create jobs, promote inclusive growth and expand economic opportunities, while urging African governments to tackle structural barriers to trade and investment.
He called for improved infrastructure, the removal of trade restrictions and deeper regional integration to maximise opportunities under the African Continental Free Trade Area.
The minister further disclosed that Nigeria was developing an economic policy framework to improve coordination among trade, fiscal and monetary policies.
He identified energy, logistics, storage and processing infrastructure as critical to strengthening Africa’s competitiveness.
Oyedele also highlighted Nigeria’s National Single Window initiative, which is designed to simplify border procedures and improve trade efficiency.
Speaking at the forum, President of the African Development Bank, Sidi Ould Tah, urged African governments to translate economic reform commitments into tangible results.
Ould Tah said the bank had supported reforms in Nigeria and Egypt through budget support and was working with development partners to expand electricity access across the continent.
He cited the bank-backed Mission 300 initiative, which aims to connect 300 million Africans to electricity by 2030, noting that more than 30 countries had signed energy compacts.
The AfDB president also expressed concern over the low level of intra-African trade, which he said accounted for about 15 per cent of the continent’s total trade, compared with between 40 and 60 per cent in other regions.
He disclosed that more than 60 per cent of the bank’s financing went into infrastructure, adding that its regional financing mechanism could cover up to 90 per cent of eligible multinational projects.
