The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has stressed the need to protect vulnerable Nigerians from the adverse effects of economic reforms, saying social protection measures are essential to ensuring inclusive growth.
Oyedele stated this at Africa’s Golden Future Forum held in Bangkok, Thailand, according to a statement issued on Wednesday by the Head of Media at the Federal Ministry of Finance, Efe Ovuakporie.
The statement noted that the minister “stressed the need to protect vulnerable citizens from the effects of economic reforms through effective social protection measures.”
Oyedele disclosed that the Federal Government’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support initiatives.
He explained that Nigeria’s experience with economic reforms offered important lessons for other African countries seeking sustainable growth, improved living standards and stronger regional economic integration.
The minister identified fuel subsidy removal, foreign exchange liberalisation and tax reforms as major components of Nigeria’s economic transformation programme.
According to the statement, Oyedele highlighted “the importance of carefully sequencing reforms, communicating policy decisions consistently and building public trust.”
He argued that the order in which economic policies were implemented could significantly influence their impact on households and businesses.
The minister maintained that removing the petrol subsidy before liberalising the foreign exchange market helped manage the effects of rising costs.
He also emphasised that effective communication, strong institutions and policy consistency were necessary to sustain reforms and strengthen public confidence.
Oyedele said Nigeria’s ongoing reforms were laying the foundation for job creation, inclusive growth and economic expansion, while urging African governments to address structural barriers limiting trade and investment.
He called for improved infrastructure, the removal of trade restrictions and deeper regional integration to maximise opportunities under the African Continental Free Trade Area.
The minister disclosed that Nigeria was developing an economic policy framework to strengthen coordination among trade, fiscal and monetary policies.
He identified energy, logistics, storage and processing infrastructure as critical to improving Africa’s competitiveness, while highlighting Nigeria’s National Single Window initiative as a measure to simplify border procedures and improve trade efficiency.
Also speaking at the forum, the President of the African Development Bank, Sidi Ould Tah, called for the practical implementation of economic reforms across the continent.
According to the statement, Ould Tah stressed that “policy commitments must translate into tangible results.”
He disclosed that the bank had supported reforms in Nigeria and Egypt through budget support and was collaborating with development partners to expand electricity access.
The AfDB president cited Mission 300, an initiative targeting electricity connections for 300 million Africans by 2030, noting that more than 30 countries had signed energy compacts.
He further observed that intra-African trade accounted for only about 15 per cent of the continent’s total trade, compared with 40 to 60 per cent in other regions.
Ould Tah added that the bank devoted more than 60 per cent of its financing to infrastructure, while its regional financing mechanism could cover up to 90 per cent of eligible multinational projects.