Nigeria’s Economic Reforms Offer Valuable Lessons for Africa, Says Oyedele
Nigeria’s economic reform experience 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 made this known on Wednesday at the Africa’s Golden Future Forum in Bangkok, Thailand, where he emphasised the importance of proper policy sequencing, consistent communication and public trust in implementing economic reforms.
He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as key components of Nigeria’s economic reform programme, noting that the order in which policies are implemented can significantly affect citizens and businesses.
According to the minister, 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 policy consistency were essential to sustaining reforms and building public confidence.
Oyedele said Nigeria’s reforms were laying the foundation for inclusive growth, job creation and economic expansion, urging African countries to address structural barriers restricting trade and investment across the continent.
He called for the removal of trade barriers, improved infrastructure and stronger regional integration to maximise the opportunities offered by the African Continental Free Trade Area (AfCFTA).
The minister disclosed that Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies while improving coordination among relevant institutions.
He identified energy, logistics, storage and processing infrastructure as critical to strengthening African trade and competitiveness.
Oyedele also highlighted Nigeria’s National Single Window initiative, which is designed to simplify border procedures and improve trade efficiency.
On social protection, he emphasised the need to shield vulnerable citizens from the effects of economic reforms through effective support programmes.
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 at the forum, 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 produce tangible results.
Ould Tah said the AfDB had supported reforms in Nigeria and Egypt through budget support and was collaborating 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 cooperation required to address Africa’s infrastructure challenges.
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 approximately 15 per cent of the continent’s total trade, compared with 40 per cent and 60 per cent recorded in other regions.
He said the bank devoted more than 60 per cent of its financing to infrastructure, including regional projects designed to improve connectivity and promote 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 bridge financing gaps that often hinder cross-border infrastructure development.
