Nigeria has moved from economic decline to stability, says Oyedele

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria has emerged from a period of economic decline and is now on a path of stability, with the Federal Government shifting its attention to accelerating inclusive economic growth.

Oyedele stated this on Wednesday while speaking at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja.

Addressing participants during a panel session titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister said the economic reforms introduced by President Bola Tinubu’s administration had averted what he described as an imminent economic collapse and laid the foundation for sustainable growth.

According to him, the reforms, though accompanied by short-term economic hardship and volatility, were unavoidable to restore fiscal sustainability and reposition the country’s economy.

“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.

He explained that before the implementation of the reforms, Nigeria faced an unsustainable fiscal situation, with oil revenues largely spent on fuel subsidy payments while non-oil revenues were consumed by debt servicing, leaving little room for investment in critical sectors.

Oyedele said the government had successfully moved the economy from a period of severe volatility to increasing stability, creating a more favourable environment for investment, productivity and long-term economic resilience.

He noted that the next phase of the administration’s economic agenda would focus on accelerating growth across key sectors, reducing inflation and expanding economic opportunities while protecting low-income earners and small businesses.

The minister also stressed the importance of improving public understanding of government policies, saying informed citizens were better equipped to hold leaders accountable and contribute to national development.

He observed that public criticism of government borrowing was often influenced by negative perceptions of personal debt, whereas sovereign borrowing, when properly managed, remained a legitimate fiscal tool for sustaining economic activities and financing development.

Using the recently enacted tax reforms as an example, Oyedele said the measures were deliberately structured to protect small businesses and low-income households while ensuring that wealthier individuals and larger businesses contributed more to funding public services.

He urged Nigerians to adopt a more balanced assessment of the country’s economic progress, arguing that although significant challenges remain, notable improvements had been recorded in fiscal management, debt sustainability, investor confidence and macroeconomic stability.

Other panellists at the summit, including 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, agreed that the reforms were necessary but urged the government to intensify efforts to ensure their benefits reached businesses and ordinary Nigerians more quickly.

The panel also examined strategies for strengthening healthcare financing, improving infrastructure, supporting small and medium-sized enterprises, deepening power sector reforms, enhancing tax administration and ensuring that macroeconomic stability translates into improved living standards and greater competitiveness for Nigerian businesses.

The Nigeria Employers’ Summit 2026 brought together senior government officials, private sector leaders, development partners and economic experts to discuss how ongoing economic reforms and Environmental, Social and Governance (ESG) principles can support enterprise competitiveness and inclusive national development.