Nigeria’s reforms can transform Africa – Finance minister Oyedele

Nigeria’s experience with economic reforms offers valuable lessons for African countries seeking sustainable growth, stronger regional trade and improved living standards, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.

Oyedele spoke at the Africa’s Golden Future Forum on Wednesday in Bangkok, Thailand, where he highlighted the importance of carefully sequencing reforms, communicating policy decisions consistently and building public trust.

He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as major components of Nigeria’s economic reform programme, noting that the order in which policies are implemented can influence their impact on citizens and businesses.

According to him, removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising costs. 

He stressed that effective communication, strong institutions and consistent policies were essential to sustaining reforms and building public confidence.

Oyedele said Nigeria’s reforms were laying the groundwork for inclusive growth, job creation and economic expansion, adding that African countries must also address structural barriers that limit trade and investment across the continent.

He called for the removal of trade barriers, improved infrastructure and stronger regional integration to unlock the opportunities offered by the African Continental Free Trade Area (AfCFTA).

The Minister said Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies and improve coordination. 

He also identified energy, logistics, storage and processing infrastructure as critical to strengthening African trade and competitiveness.

He highlighted Nigeria’s National Single Window initiative, designed to simplify border procedures and improve trade efficiency.

Oyedele also stressed the need to protect vulnerable citizens from the effects of economic reforms through effective social protection measures.

He said Nigeria’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support.

Also speaking, the President of the African Development Bank (AfDB), Sidi Ould Tah, called for the practical implementation of reforms across Africa, stressing that policy commitments must translate into tangible 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 across the continent.

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 Africa’s infrastructure gaps.

According to him, more than 30 African countries had signed energy compacts requiring coordinated reforms, infrastructure investment and private sector participation to expand electricity access.

The AfDB President noted that intra-African trade accounted for about 15 per cent of the continent’s total trade, compared with 40 per cent and 60 per cent in other regions.

He said the bank devoted more than 60 per cent of its financing to infrastructure, including regional projects aimed at improving connectivity and promoting continental integration.

Ould Tah added that the African Development Fund’s regional financing mechanism could cover up to 90 per cent of eligible regional projects involving more than two African countries, helping to address financing gaps that often hinder cross-border infrastructure development.