Nigeria is entering a new phase of its economic journey, moving from painful reforms into a period of expected growth, according to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. He said the government’s earlier decisions on subsidy removal and foreign exchange reforms were necessary to correct deep structural distortions in the economy.
Speaking in an interview with The African Report, Oyedele explained that the early impact of the reforms—rising fuel prices, higher transport costs, and inflation—was anticipated. According to him, such short-term hardship was unavoidable if Nigeria was to fix long-standing economic imbalances.
He noted that the economy has now largely stabilised after the initial shock. Key indicators, he said, show moderating inflation, a more stable foreign exchange market, and gradual but steady growth in economic activity. “We have seen moderation in inflation… and steady appreciation over the past couple of years,” he said, adding that the worst phase of volatility may now be behind the country.
Oyedele further stated that attention is shifting toward unlocking real economic growth. He emphasized that improving power supply, expanding infrastructure, boosting skills development, and reducing regulatory bottlenecks will be central to sustaining long-term expansion. He also stressed the need for a more investor-friendly tax system that supports productivity and private sector growth.
On taxation, the minister said the government is strengthening enforcement and expanding the tax net to ensure compliance across all sectors, including multinationals, free trade zones, and high-net-worth individuals. He insisted that “no one should be above the law,” noting that reforms are designed to improve public revenue and ensure that economic stability translates into real benefits for households and businesses.
source: The guardian