Finance Minister Taiwo Oyedele has said that Nigeria’s next phase of economic growth will be driven by private capital from domestic and foreign investors, rather than increased government borrowing. Oyedele stated this in a post on X after speaking at Chatham House in London, where he discussed Nigeria’s economic reform…...
Finance Minister Taiwo Oyedele has said that Nigeria’s next phase of economic growth will be driven by private capital from domestic and foreign investors, rather than increased government borrowing.
Oyedele stated this in a post on X after speaking at Chatham House in London, where he discussed Nigeria’s economic reform journey, progress made and the implications for ordinary Nigerians.
He said, “The next phase of growth will be financed by private capital, domestic and foreign, and not by the state borrowing more.”
He added that the ultimate test of the reforms was whether they could improve the daily lives of citizens, particularly amid concerns about the cost of living and access to economic opportunities.
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“But stability is the foundation, not the destination. The real test is whether families can afford food, businesses can thrive, young people can find decent jobs, and citizens can access quality healthcare, education and economic opportunities,” he said.
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The minister added that the government’s priority was to ensure that the gains from economic reforms translated into investments, employment opportunities and improved earnings for Nigerians.
“Our task now is to translate reform credibility into investment, investment into jobs, and growth into incomes that rise faster than prices,” Oyedele said.
He noted that attracting and retaining investment required credible, consistent and transparent policies, stressing that investors were guided by opportunities and the fairness of the business environment rather than speeches or slogans.
“We recognise that capital has no citizenship. It does not respond to speeches or slogans, but to credible, consistent and transparent policies. It goes where there are opportunities and stays where it is treated fairly,” he said.
Oyedele said the government’s responsibility was to make Nigeria an attractive destination for investment and sustain the conditions that would encourage capital inflows.
In his presentation, the minister also highlighted key economic indicators, including inflation at 14.63 per cent, external reserves of $55 billion and projected economic growth of 4.3 per cent in 2026, describing the economy as increasingly stable and resilient.