Nigeria Signals No Policy U-Turn as Finance Minister, Oyedele Courts Investor Confidence
Oru Leonard
The Federal Government of Nigeria, has reaffirmed its commitment to sustaining ongoing economic reforms, with the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, declaring that Nigeria will not reverse its policy direction despite recent leadership changes.
According to a press release signed by Efe Ovuakporie, Head, Information and Public Relations, Oyedele stated this at the launch of the Nigerian Economic Summit Group (NESG), Private Sector Outlook 2026 in Lagos on Thursday. Oyedele assured investors that continuity and consistency would remain central to the administration’s economic strategy.
His remarks come just days after he assumed office, following the departure of Wale Edun from the Federal Executive Council.
“We are not looking back,” Oyedele said, emphasizing that stable and predictable policies are essential for building investor trust and sustaining economic momentum.
The minister noted that Nigeria is transitioning from a phase of macroeconomic stabilisation to one focused on measurable growth outcomes. According to him, reforms must now deliver tangible benefits, including job creation, improved productivity, and enhanced living standards.
He cautioned against inconsistent policy signals, warning that sudden reversals could undermine progress and discourage investment. “Businesses need certainty that today’s decisions will still hold tomorrow,” he stated.
Highlighting early gains, Oyedele pointed to improved revenue performance and a more aligned exchange rate but stressed that these indicators must translate into real sector growth.
To drive the next phase of economic expansion, the minister outlined key priorities, including policy consistency, regulatory predictability, lowering the cost of doing business, and expanding access to capital.
On financing, he disclosed plans to deepen credit access across sectors—from consumer lending to industrial financing—with support from institutions like the Bank of Industry, aimed at boosting private sector participation.
Oyedele also underscored the need for stronger real GDP per capita growth to effectively tackle poverty, noting that modest growth levels would be insufficient given Nigeria’s rising population.
He called for a shift from consumption-led growth to productivity-driven expansion, particularly in sectors such as agriculture, manufacturing, energy, and the digital economy.
The minister further emphasized the importance of collaboration between government and the private sector, stating that sustainable economic growth cannot be achieved through public policy alone.
Describing the current reform phase as critical, Oyedele said success would depend largely on effective implementation. “Reforms alone do not create growth. We need investment at scale,” he said.
While acknowledging potential risks—including reform fatigue, inflationary pressures, and political uncertainties ahead of elections—he expressed confidence that these challenges can be managed with discipline and cooperation.
“Our task now is execution,” Oyedele concluded. “This phase demands focus, consistency, and accountability. That is the direction we are pursuing.”
