Oyedele highlights reform gains at Chatham House, stresses need for inclusive growth
Minister of Finance and Coordinating Minister of the Economy Federal Republic of Nigeria, Taiwo Oyedele
Abdullateef Fowewe
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has outlined progress in the country’s economic reforms during a presentation at Chatham House in London, pointing to falling inflation, stronger external reserves and projected growth while cautioning that macroeconomic stability must translate into tangible benefits for ordinary citizens.
In a post on X on Sunday, Oyedele shared key highlights from the session, titled “Nigeria’s Economic Outlook: Progress on Reform and Prospects for Inclusive Growth.”
“With inflation down to 14.63%, external reserves at US$55 billion and growth projected at 4.3% in 2026, our economy is increasingly stable and resilient,” he stated.
He emphasised that stability alone is insufficient.
“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.”
Oyedele added, “Our task now is to translate reform credibility into investment, investment into jobs, and growth into incomes that rise faster than prices.”
He also noted that capital responds to consistent and transparent policies rather than rhetoric, “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.”
Oyedele assumed the role of Minister of Finance and Coordinating Minister of the Economy in April 2026 following a cabinet reshuffle, succeeding Wale Edun.
He had earlier chaired President Bola Tinubu’s Presidential Committee on Fiscal Policy and Tax Reforms and briefly served as Minister of State for Finance.
The reforms he referenced form part of the major policy shifts introduced after Tinubu took office in 2023.
These include the removal of petrol subsidies and the unification of the foreign exchange market.
While the measures initially contributed to a rise in inflation and higher living costs, they have been credited with improving fiscal space, boosting foreign reserves and strengthening investor confidence.
Rating agencies have recently revised Nigeria’s outlook to positive, citing rising reserves reported near $55 billion and moderating inflation.
