Oyedele Urges African Nations to Learn from Nigeria’s Economic Reforms
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has urged African countries to draw lessons from Nigeria’s economic reforms to achieve sustainable growth, improve living standards and strengthen regional trade.
Oyedele made the call while speaking at the Africa’s Golden Future Forum in Bangkok, Thailand, on Wednesday.
He said successful economic reforms required careful policy sequencing, consistent communication and strong public trust, adding that the implementation of policies could determine their effects on households and businesses.
The minister listed fuel subsidy removal, foreign exchange liberalisation and tax reform as major elements of Nigeria’s economic reform programme.
According to him, the decision to remove the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising costs.
He maintained that strong institutions, effective communication and consistent policies were necessary to sustain reforms and maintain public confidence.
Oyedele explained that Nigeria’s reform programme was intended to create opportunities for inclusive growth, job creation and economic expansion.
He urged African governments to remove barriers to trade and investment, improve infrastructure and deepen regional cooperation to unlock the benefits of the African Continental Free Trade Area.
The minister further disclosed that Nigeria was developing an economic policy framework to ensure better coordination of trade, fiscal and monetary policies.
He identified energy supply, logistics, storage and processing facilities as essential investments for improving the continent’s competitiveness and facilitating the movement of goods across African countries.
Oyedele also drew attention to Nigeria’s National Single Window initiative, which seeks to simplify border processes and improve the efficiency of international trade.
Addressing concerns about the impact of reforms on vulnerable citizens, he stressed the importance of effective social protection programmes.
He said more than 10 million households had been reached through Nigeria’s cash transfer programme, while over 1.5 million students had benefited from education support.
Meanwhile, AfDB President Sidi Ould Tah called on African countries to move beyond policy commitments and focus on implementing reforms that deliver measurable results.
He said the bank had supported economic reforms in Nigeria and Egypt through budget support and was working with development partners to improve electricity access across Africa.
Ould Tah highlighted Mission 300, a joint initiative involving the World Bank and other partners, which aims to connect 300 million Africans to electricity by 2030.
He said more than 30 African countries had signed energy compacts requiring policy reforms, infrastructure investment and private sector participation to expand electricity access.
The AfDB president also expressed concern about the low level of trade among African countries, noting that intra-African trade represented about 15 per cent of the continent’s total trade.
He contrasted this with the 40 per cent and 60 per cent recorded in other regions.
Ould Tah disclosed that more than 60 per cent of the bank’s financing went into infrastructure, including regional projects designed to improve connectivity and strengthen economic integration.
He added that the African Development Fund could finance up to 90 per cent of eligible regional projects involving more than two African countries through its regional financing mechanism.
The arrangement, he said, would help address funding constraints affecting cross-border infrastructure projects across the continent.
