Oyedele Says Nigeria’s Economic Reforms Offer Lessons for Africa’s Growth

Oyedele Says Nigeria’s Economic Reforms Offer Lessons for Africa’s Growth

By Our Finance Correspondent

Bangkok (Core Reporters) — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said the country’s experience with economic reforms offers valuable lessons for African nations seeking sustainable growth, stronger regional trade and improved living standards.

Oyedele stated this on Wednesday, October 14, while speaking at the Africa’s Golden Future Forum in Bangkok, Thailand, where he highlighted the importance of sequencing reforms appropriately, communicating policy decisions consistently and building public trust.

He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as key components of Nigeria’s economic reform programme, noting that the timing and order of policy implementation could significantly influence their effects on citizens and businesses.

According to the minister, removing the fuel subsidy before liberalising the foreign exchange market helped manage the impact of rising costs.

He stressed that effective communication, strong institutions and policy consistency were essential to sustaining reforms, strengthening public confidence and achieving lasting economic benefits.

Oyedele said Nigeria’s reforms were laying the foundation for inclusive growth, job creation and economic expansion, adding that African countries must also tackle structural barriers restricting trade and investment across the continent.

He called for the removal of trade barriers, improved infrastructure and stronger regional integration to unlock the opportunities presented by the African Continental Free Trade Area (AfCFTA).

The minister disclosed that Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies while improving coordination among relevant authorities.

He also identified energy, logistics, storage and processing infrastructure as critical to strengthening intra-African trade, boosting productivity and enhancing the continent’s competitiveness in global markets.

Oyedele further highlighted Nigeria’s National Single Window initiative, designed to simplify border procedures, streamline trade documentation and improve the efficiency of import and export processes.

On the social implications of economic reforms, he emphasised the need to protect vulnerable citizens through effective social protection programmes.

He said Nigeria’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support.

Also speaking at the forum, the President of the African Development Bank (AfDB), Sidi Ould Tah, called for the practical implementation of economic reforms across Africa, stressing that policy commitments must translate into measurable improvements in people’s lives.

Ould Tah said the bank had supported economic reforms in Nigeria and Egypt through budget support and was collaborating with development partners to expand electricity access across the continent.

He cited Mission 300, an initiative launched in partnership with the World Bank and other stakeholders to connect 300 million Africans to electricity by 2030, as an example of the scale of cooperation required to address the continent’s infrastructure deficit.

According to him, more than 30 African countries had signed energy compacts requiring coordinated reforms, substantial infrastructure investment and greater private-sector participation to expand electricity access.

The AfDB president also highlighted the limited level of intra-African trade, which he said accounted for about 15 per cent of the continent’s total trade, compared with approximately 40 per cent and 60 per cent in other regions.

He noted that the bank devoted more than 60 per cent of its financing to infrastructure, including regional projects designed to improve connectivity, facilitate trade and promote continental integration.

Ould Tah added that the African Development Fund’s regional financing mechanism could cover up to 90 per cent of eligible regional projects involving more than two African countries.

He said the mechanism was intended to help close financing gaps that frequently constrain cross-border infrastructure development and prevent African countries from fully harnessing the benefits of regional cooperation.