The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria has moved beyond the most difficult phase of its economic reforms and is now concentrating on accelerating inclusive growth capable of improving the living standards of citizens.
Oyedele made the assertion on Wednesday while speaking at the Nigeria Employers' Summit 2026 organised by the Nigeria Employers' Consultative Association (NECA) in Abuja.
Speaking during a panel session titled, "Reforms in Focus: The Milestones, the Challenges and the Prospects," the minister said the reform measures introduced by the administration of President Bola Tinubu rescued the country from an impending economic crisis and have begun laying the foundation for sustained economic growth.
He acknowledged that while the reforms initially imposed significant hardship on Nigerians and businesses, they were necessary to restore fiscal discipline and reposition the economy for long-term prosperity.
According to him, the government inherited a fragile fiscal environment in which earnings from crude oil were largely consumed by fuel subsidy payments, while non-oil revenues were devoted almost entirely to servicing debt, leaving little fiscal space for infrastructure development and other strategic investments.
"The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians," Oyedele said.
The minister maintained that the economy had now transitioned from a period of uncertainty and volatility to greater stability, creating a stronger platform for investment, job creation and sustainable economic expansion.
He said the administration's next priority would be to drive faster economic growth, curb inflation, expand opportunities for businesses and ensure that vulnerable households and small enterprises are protected from economic shocks.
Oyedele also called for greater public understanding of government policies, arguing that informed citizens are better positioned to participate in governance and hold public officials accountable.
He noted that government borrowing is often misunderstood because many Nigerians equate it with personal debt, which is generally viewed negatively, whereas public borrowing, when properly managed, is an essential fiscal instrument for financing development and sustaining economic activity.
The minister cited the recently introduced tax reforms as an example of policies designed to promote fairness by shielding low-income earners and small businesses while ensuring that wealthier individuals and larger corporations contribute a greater share towards financing public services.
He urged Nigerians to adopt a more objective assessment of the country's economic trajectory, insisting that despite the prevailing challenges, meaningful progress had been made in improving fiscal management, strengthening debt sustainability, boosting investor confidence and stabilising the economy.
Other participants at the summit echoed support for the reform programme while calling for measures to accelerate its impact on businesses and households.
Among them were the Director-General of the National Health Insurance Authority (NHIA), Dr. Kelechi Ohiri; the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf; and the Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group (NESG), Dr. Wilson Erumebor.
The panelists highlighted the need for improved healthcare financing, stronger infrastructure, better support for small and medium-sized enterprises, deeper reforms in the power sector, enhanced tax administration and policies that translate macroeconomic gains into tangible improvements in living standards.
The Nigeria Employers' Summit 2026 brought together government officials, business leaders, development partners and economic experts to explore how ongoing reforms and Environmental, Social and Governance (ESG) principles can strengthen enterprise competitiveness and promote inclusive economic development.
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