Yemisi Izuora
Nigeria is broadening implementation of fiscal consolidation that will enable it achieve inclusive growth.
According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, Nigeria has successfully navigated the most difficult phase of its economic reforms and is now focused on accelerating broad-based and inclusive growth that delivers tangible benefits to citizens and businesses.
Speaking at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, the Minister said the bold reforms initiated by President Bola Ahmed Tinubu’s administration prevented an imminent economic collapse and laid the foundation for macroeconomic stability and sustainable growth.
Addressing business leaders, policymakers and development partners during a high-level panel session on “Reforms in Focus: The Milestones, the Challenges and the Prospects,” Oyedele acknowledged that while the reforms came with short-term sacrifices and volatility, they were necessary to restore fiscal sustainability and reposition the economy.
He explained that before the reforms, Nigeria faced an unsustainable fiscal situation, with oil revenues largely consumed by fuel subsidy payments and non-oil revenue by debt obligations, 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,” the Minister said.
Oyedele noted that the administration has successfully transitioned the economy from a period of severe volatility to one of increasing stability, creating the conditions needed to attract investment, stimulate productivity and improve long-term economic resilience.
He stressed that the next phase of the reform agenda is centred on achieving faster economic growth, expanding opportunities across sectors and reducing inflation while protecting low-income earners and small businesses.
The Minister also underscored the importance of public understanding of government policies, noting that informed citizens are better positioned to hold the government accountable and contribute meaningfully to national development. He noted that some of the public outcry about government borrowing is due to the negative perception of personal debt where it is often spoken of as a moral failing rather than a financial strategy. A government that borrows is accused of mortgaging the future rather than exercising sound fiscal strategy necessary to keep the economy running.
He gave the example of the recent tax reforms which were deliberately designed to shield small businesses and low-income households while ensuring that those with greater capacity contribute more towards financing public services and national development.
He further urged Nigerians to adopt a more 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 economic stability.
Other panelists, including the Director-General of the National Health Insurance Authority (NHIA), Dr. Kelechi Ohiri; Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf; and Principal Economist and Lead for Economic Transformation and Competitiveness at the Nigerian Economic Summit Group (NESG), Dr. Wilson Erumebor, acknowledged the necessity of the ongoing reforms 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, enhancing power sector reforms, deepening tax administration, and ensuring that the benefits of macroeconomic stability translate into improved living standards and 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.