Nigeria has moved past the hardest part of its economic reforms and is now shifting toward broad-based growth that benefits more people, finance minister Taiwo Oyedele said at the Nigeria Employers' Summit 2026 in Abuja. The government's next step is to turn macroeconomic stability into real gains for businesses and ordinary Nigerians through faster growth, lower prices and fresh opportunities in key sectors, he told the audience.
President Bola Ahmed Tinubu's bold reforms prevented the country from economic collapse and built a foundation for long-term financial strength, Oyedele explained. "The reforms were necessary to prevent economic collapse.
The task now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians," he said during the panel session titled 'Reforms in Focus: The Milestones, the Challenges and the Prospects.'
The reforms did bring short-term pain and economic turbulence, but they tackled deep structural problems that had crippled the economy, Oyedele acknowledged. Before these changes, he noted, Nigeria's finances had become unsustainable as oil money went straight into fuel subsidies while non-oil income was consumed by debt repayment, leaving almost nothing for infrastructure and other vital investments.
The economy has now shifted from severe instability to growing steadiness, creating better conditions for investors, workers and businesses, the minister said. Government priorities now include pushing growth higher, bringing inflation down and creating more economic opportunities while safeguarding poor households and small firms.
Oyedele stressed that citizens need better understanding of government decisions. "Informed citizens are better positioned to hold the government accountable and contribute meaningfully to national development," he said.
Public anger over government borrowing stems partly from how people view personal debt as shameful rather than a smart financial move, Oyedele observed. "Some of the public outcry about government borrowing is due to negative perception of personal debt where it is often spoken of as a moral failing rather than a financial strategy," he explained, adding that sovereign borrowing is simply sound fiscal management, not mortgaging the future.
The government's tax overhaul was carefully designed to shield small businesses and low-income families while requiring individuals and organisations with greater resources to pay more toward public services and national progress, Oyedele said. He called on Nigerians to take a more balanced view of the country's economic trajectory, recognising both the challenges and genuine progress made so far.
