Nigeria Has Moved from Economic Decline to Stability, Says Finance Minister

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has said Nigeria has moved from a period of economic decline and instability to one of increasing macroeconomic stability, with the Federal Government now focused on accelerating inclusive growth that benefits citizens and businesses.

Speaking at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja on Wednesday, Oyedele said the economic reforms introduced by President Bola Ahmed Tinubu’s administration prevented an imminent economic collapse and laid the foundation for sustainable growth.

Addressing a high-level panel session titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the minister acknowledged that although the reforms came with short-term hardships and economic volatility, they were necessary to restore fiscal sustainability and reposition the nation’s economy.

According to him, before the reforms, Nigeria’s fiscal position had become unsustainable, with oil revenues largely consumed by fuel subsidy payments and non-oil revenues used to service debt, leaving little room for investment in infrastructure and other critical sectors.

“The reforms were not optional; they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” Oyedele said.

He noted that the country has successfully transitioned from severe economic volatility to increasing stability, creating a more favourable environment for investment, productivity and long-term economic resilience.

Oyedele said the next phase of the government’s reform agenda would focus on accelerating economic growth, expanding opportunities across key sectors, reducing inflation and protecting low-income earners and small businesses.

The minister also stressed the importance of public understanding of government policies, saying informed citizens are better positioned to hold government accountable and contribute meaningfully to national development.

He explained that public criticism of government borrowing often stems from the perception of personal debt as a moral failing, whereas responsible government borrowing is a legitimate fiscal strategy for financing development and sustaining economic activities.

On tax reforms, Oyedele said the recently introduced measures were deliberately designed to protect small businesses and low-income households while ensuring that those with greater financial capacity contribute more toward financing public services and national development.

He urged Nigerians to adopt a balanced narrative about the country’s progress, noting that while challenges remain, significant improvements have been recorded in fiscal management, debt sustainability, investor confidence and overall economic stability.

Other panellists at the summit, including the Director-General of the National Health Insurance Authority (NHIA), Dr. Kelechi Ohiri; the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf; and the Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group (NESG), Dr. Wilson Erumebor, agreed that the reforms were necessary while calling for stronger measures to accelerate their impact on businesses and citizens.

Discussions focused on strengthening healthcare financing, improving infrastructure, supporting small and medium-sized enterprises, advancing power sector reforms, deepening tax administration, and ensuring that the gains of macroeconomic stability translate into improved living standards and greater enterprise competitiveness.

The Nigeria Employers’ Summit 2026 brought together senior government officials, private sector leaders, development partners and economic experts to examine how ongoing reforms and Environmental, Social and Governance (ESG) principles can drive enterprise competitiveness and inclusive national growth.