Oyedele bets on reforms to drive Nigeria’s economic turnaround

File photo: The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

Minister of Finance, Taiwo Oyedele, has defended the Federal Government’s economic reform programme, saying changes to the tax system, monetary conditions and business environment are beginning to reshape international perceptions of the country.

Oyedele made the remarks at the closing press briefing of the 2026 annual meetings of the International Monetary Fund and World Bank Group in Bangkok, Thailand, where he presented the government’s ‘Nigeria Rising’ narrative.

He said discussions with international stakeholders during the meetings suggested growing interest in Nigeria, which he attributed to the government’s ongoing policy changes and efforts to restore macroeconomic stability.

The minister argued that the reforms were laying the groundwork for stronger economic growth and improved living standards, although translating those ambitions into tangible benefits for Nigerians remains a key test for the administration

Oyedele said the government was aiming to raise economic growth to seven per cent, significantly above the IMF’s projections for Nigeria over the next two years.

The IMF’s October 2026 World Economic Outlook projected Nigeria’s economy to grow by 4.2 per cent in 2026 and 4.3 per cent in 2027, reflecting an improved outlook but a pace below the government’s ambition.

“We expect growth that is much higher than what the IMF is projecting for Nigeria. Our target is to get to seven per cent growth rates,” Oyedele said.

Achieving that target would require a substantial acceleration in economic activity, supported by higher investment, productivity gains and an improved operating environment for businesses.

The minister said the government was addressing structural constraints that had limited growth, with the aim of enabling businesses to expand and the broader economy to perform better than current international forecasts suggest.

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However, the difference between the government’s target and the IMF’s projections highlights the scale of the task ahead.

Oyedele identified the overhaul of Nigeria’s tax framework as a major component of the government’s economic reform programme.

He said the administration had rewritten the country’s tax framework within two years, describing the changes as part of a broader effort to improve economic management and create a foundation for sustainable growth.

The government expects the reforms to support a more effective tax system while contributing to long-term economic development.

Oyedele said the combined impact of the policy changes could put Nigeria on a path towards sustained growth and broader prosperity.

“If you put all of this together, it means one thing: that we are on the path to a celebrated growth that is sustainable, and ultimately to deliver shared prosperity to our people,” he said.

The minister said reducing inflation and the cost of credit would be critical to achieving faster economic growth.

He also highlighted the pressure high lending rates place on businesses, noting that some companies face borrowing costs approaching 30 per cent while the economy grows at a much slower pace.