- Says there will be no policy somersaults
BY CHINYERE OBIORA – Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has declared that policy reversals will not define the current phase of the country’s economic management.
This is as he also assured investors that the government remains unwavering in maintaining its current path of economic reform trajectory, through policy consistency despite potential short-term challenges.
Oyedele, who spoke at the launch of the Nigerian Economic Summit Group Private Sector Outlook 2026 in Lagos on Thursday, said the administration is shifting from stabilisation to measurable growth, where reforms will be judged by outcomes rather than intent.
The Minister’s assurance, which came barely 48 hours after taking over from Wale Edun, had him saying: “We are not looking back, stressing that consistency in policy direction remains critical to investor confidence.
He warned that mixed signals or abrupt reversals could stall progress, noting that “businesses need to know that today’s decisions will still hold tomorrow.”
Oyedele, while highlighting encouraging indicators of macroeconomic stabilization, such as a more transparent, market-aligned foreign exchange rate and enhanced fiscal revenue generation, said these foundational gains must not remain merely on paper.
According to him, they must urgently translate into tangible, real-world outcomes, specifically fostering widespread job creation, boosting industrial productivity, and elevating the overall standard of living for citizens.
He identified four priorities for driving investment in the next phase which includes, policy consistency, predictability across fiscal and regulatory frameworks, reduction in the cost of doing business, and improved access to capital.
Addressing financing issues, the Minister said the government is working to expand credit across the economy, from consumer lending to industrial financing, with support from institutions such as the Bank of Industry, to stimulate growth and unlock private sector participation.
Furthermore, he said there is an urgent need for Nigeria to target stronger real GDP per capita growth to make a meaningful impact on poverty, noting that modest growth figures would not be sufficient given the country’s population dynamics.
He described the current stage of reforms as decisive, where success will depend on execution, adding:!“Reforms on their own do not create growth. We need investment at scale.”
While also noting that investors respond to stable and predictable environments, not policy announcements, Oyedele said Nigeria must move beyond consumption-driven expansion and focus on improving output and competitiveness in key sectors, including agriculture, manufacturing, energy and the digital economy.
For him, a deeper collaboration between government and the private sector is required because economic growth cannot be delivered by public policy alone.
The Minister also stated that as the country enters what he considered a consolidation phase, the government would continue to deepen reforms, strengthen public financial management and improve coordination across all tiers of government.
However, not shying away from the risks on the horizon, given the dangers of reform fatigue, global uncertainties fueling inflation, and the inevitable political friction of an upcoming election cycle, Oyedele remained confident, arguing that with rigorous discipline and concerted collaboration, these challenges could be overcome.
Assuredly, he said: “Our task now is execution. This phase demands focus, consistency and accountability. That is the direction we are pursuing”.
