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Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele has called for stronger social protection measures to shield vulnerable Nigerians from the impact of economic reforms and ensure that growth benefits more people.
Oyedele made the call at the Africa’s Golden Future Forum in Bangkok, Thailand, according to a statement issued on Wednesday by Efe Ovuakporie, Head of Media at the Federal Ministry of Finance.
He said Nigeria’s experience with economic reforms offered lessons for other African countries seeking sustainable growth, improved living standards and stronger regional economic cooperation.
The minister disclosed that the Nigerian Government’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support initiatives.
Oyedele identified petrol subsidy removal, foreign exchange liberalisation and tax reforms as key elements of Nigeria’s economic transformation programme.
He said the success of such policies depended partly on the order in which they were introduced, consistent communication and public trust. According to him, the sequencing of reforms could significantly affect households and businesses.
The minister maintained that removing the petrol subsidy before liberalising the foreign exchange market had helped manage the impact of rising costs.
He also emphasised the importance of strong institutions, clear communication and policy consistency in sustaining reforms and maintaining public confidence.
Oyedele said the ongoing changes were intended to create jobs, promote inclusive growth and expand economic activity. He urged African governments to tackle structural barriers that restrict trade and investment across the continent.
He called for better infrastructure, fewer trade restrictions and deeper regional integration to create opportunities under the African Continental Free Trade Area.
The minister also disclosed that Nigeria was developing an economic policy framework to improve coordination among trade, fiscal and monetary policies.
He identified energy, logistics, storage and processing facilities as essential to improving Africa’s competitiveness. He also cited Nigeria’s National Single Window initiative as an effort to simplify border procedures and make trade more efficient.
At the forum, African Development Bank President Sidi Ould Tah called on governments across the continent to turn economic reform commitments into measurable results.
Ould Tah said the bank had supported reforms in Nigeria and Egypt through budget support and was working with development partners to expand electricity access.
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He highlighted Mission 300, an initiative aimed at connecting 300 million Africans to electricity by 2030. More than 30 countries have signed energy compacts under the programme, according to the statement.
The AfDB president also noted that intra-African trade accounted for about 15 per cent of the continent’s total trade, compared with between 40 and 60 per cent in other regions.
He added that infrastructure projects accounted for more than 60 per cent of the bank’s financing, while its regional financing mechanism could cover up to 90 per cent of eligible multinational projects.
