Nigeria’s Reforms Can Transform Africa – Oyedele
By Pan Afric Reporters
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said Nigeria’s economic reforms offer valuable lessons for African countries seeking sustainable growth, stronger regional trade, increased investment and improved living standards.
The Federal Ministry of Finance disclosed this in a press release issued by its Head of Media, Efe Ovuakporie, following Oyedele’s address at the Africa’s Golden Future Forum on Wednesday in Bangkok, Thailand.
Oyedele highlighted fuel subsidy removal, foreign exchange liberalisation and tax reform as major pillars of Nigeria’s economic reform programme, stressing that the sequencing of policies, effective communication and public trust were critical to achieving sustainable results.
He explained that removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising costs, adding that strong institutions and consistent policy implementation were essential to sustaining reforms and building public confidence.
The minister said the reforms were laying the foundation for inclusive growth, job creation and economic expansion, but stressed that African countries must also dismantle structural barriers restricting trade and investment across the continent.
He called for the removal of trade barriers, improved infrastructure and stronger regional integration to maximise opportunities under the African Continental Free Trade Area (AfCFTA).
Oyedele disclosed that Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies, while identifying energy, logistics, storage and processing infrastructure as critical to improving the continent’s competitiveness.
He also highlighted Nigeria’s National Single Window initiative, designed to simplify border procedures and improve trade efficiency.
FG Highlights Social Protection Measures
The finance minister emphasised the need to protect vulnerable citizens from the effects of economic reforms through effective social protection programmes.
According to the statement, Nigeria’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support.
AfDB President Urges Practical Implementation
Also speaking at the forum, President of the African Development Bank (AfDB), Sidi Ould Tah, called on African governments to translate reform commitments into practical outcomes that directly improve citizens’ lives.
Ould Tah said the bank had supported reforms in Nigeria and Egypt through budget support and was collaborating with development partners to expand electricity access across Africa.
He cited Mission 300, an initiative launched with the World Bank and other partners to connect 300 million Africans to electricity by 2030, as an example of the scale of cooperation required to address the continent’s infrastructure deficits.
The AfDB president disclosed that more than 30 African countries had signed energy compacts requiring coordinated reforms, infrastructure investment and private-sector participation to expand electricity access.
He also highlighted the limited level of intra-African trade, which accounts for about 15 per cent of the continent’s total trade, compared with 40 per cent and 60 per cent in other regions.
According to him, the AfDB devotes more than 60 per cent of its financing to infrastructure, including regional projects designed to improve connectivity and strengthen continental integration.
Ould Tah further explained that the African Development Fund’s regional financing mechanism could cover up to 90 per cent of eligible projects involving more than two African countries, helping to address financing gaps that often impede cross-border infrastructure development.
The discussions underscored the importance of coordinated economic reforms, stronger regional cooperation and sustained infrastructure investment in unlocking Africa’s trade potential and promoting long-term economic prosperity.
