We’re Not Looking Back on Reforms, Taiwo Oyedele Assures Investors

The  Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, has assured the private sector and investors that Nigeria is not looking back on reforms that have been implemented in the last few years.

Oyedele said this on Thursday at the launch of the Nigerian Economic Summit Group’s Private Sector Outlook 2026 in Lagos, emphasising that consistency and predictability will be critical to unlocking investment and driving growth.

While acknowledging early signs of macroeconomic stabilisation, Oyedele stressed that sustaining reforms is essential to building investor confidence, warning that mixed signals or policy reversals could undermine progress. He added that the next phase of Nigeria’s economic agenda will test reforms by their ability to deliver real outcomes, jobs, productivity gains, and improved living standards.

TVC News Online reports that Oyedele is less than 48 hours in his role as the substantive finance minister and coordinating minister of the economy following the resignation of Wale Edun on Monday.

Oyedele said, “From the perspective of the private sector, four factors are critical to drive investment in this phase: first, policy consistency, reforms must be sustained. This is why we are not looking back. Nothing undermines confidence more than policy reversals or mixed signals. Businesses need to know that today’s decisions we still hold tomorrow, unless unpredictable circumstances require otherwise.

“Second, predictability beyond consistency, there must be predictability. This applies to tax, environment and tax laws, trade policies, foreign exchange rules and regulatory processes. Third is the cost of doing business. We are confronting the structural cause that businesses face, ranging from multiple taxation, logistics inefficiencies, supply chain bottlenecks, energy constraints and regulatory overlaps. Reducing these constraints is one of the fastest ways to unlock growth for our country.

“We are currently targeting real GDP per capita growth of around four to 5% to really make a meaningful impact, because if our GDP is growing at around 4% and we have population growth at 2% plus. It’s not making an insignificant impact in lifting people out of poverty and creating shared prosperity. Fourth is access to capital. Investment cannot happen without financing. We’re therefore strengthening domestic capital markets, access to credit and long-term financing structure for infrastructure and industry. You must have observed that the government has been particularly focused on the credit economy, whether it’s no fund for students or whether it’s credit call, where you’re trying to do consumer finance, and the ones for industries like BoI (Bank of Industry), trying to provide credit at affordable rates, and so forth. We think that we can stimulate economic growth faster by creating affordable credit economy and access to capital.”

The new finance minister added that Nigeria’s economic reform drive is entering a decisive new phase, with the focus shifting from stabilisation to tangible growth outcomes, noting that recent policy measures have begun to show early signs of stability, including a more aligned exchange rate, improved revenue performance, and clearer policy direction.

However, he stressed that stabilisation alone does not equate to success, describing it instead as the foundation upon which sustainable growth must be built. Oyedele noted that the real test lies in translating reforms into measurable impact, through increased investment, job creation, higher productivity, and improved living standards, anchored on consistent, predictable policies that can inspire long-term investor confidence.

He said, “We have started to see early signs of stabilisation and early signs of growth with a more aligned exchange rate environment, improving revenue performance and clearer policy signal to the market. While we recognise the progress made so far, we are mindful that stabilisation alone is not success. It is simply the foundation upon which success must now be built.

“So what’s the real test is moving from reform to growth. The next phase we are now entering is where reforms are tested based on the outcomes that they produce and the impact that they make. Because reforms on their own do not create growth. We need investment at scale to create decent jobs, enhance productivity and improve living standards. But investment does not respond to announcements. It responds to confidence built on predictable policies and clear rules consistently applied within a competitive framework to achieve acceptable risk-adjusted returns. If the environment is uncertain, the investment will wait. But if we provide the right environment, investment will not only come, it will stay and grow.”

On productivity, Oyedele said, “Let me speak to productivity, because that seems to be like the missing link in the narrative of our economic reform over the years. If we are to move from the stabilisation to the sustainable growth phase, we must address the fact that productivity growth driven by consumption alone is not sustainable. We must increase output efficiency and competitiveness, especially in key sectors like agriculture, manufacturing and the digital economy, as well as energy.

“But productivity does not happen in isolation. It requires infrastructure, skills development, technology adoption and a supportive policy environment. So this is where the next point I want to make comes in. We are familiar with PPP, public-private partnership. But I think we also need public policy and private partnership. PPP. No government, no matter how well resourced, can drive growth alone. Therefore, this phase requires alignment between government policy, private sector investment priorities and development partners. Support platforms like the NESG are critical because they enable dialogue, feedback and course correction. We note too well that reforms are more effective when they are not only co-created, but they are co-owned through again, what I call the public policy private partnership.”

He added that as the Nigerian economy moves into the consolidation phase, the government remains “focused on deepening economic reforms, improving the ease of doing business, strengthening public financial management and enhancing coordination across not just MDAs, but across the tiers of government. We had a very productive meeting yesterday with the Governor’s Forum and supporting sectors with high growth and employment potential. As we consolidate, we will deepen reforms to stimulate growth, enhance productivity and promote fiscal discipline.

“We need private capital. We recognise that policy alone is not enough. Implementation, consistency and accountability will define success.”

Highlighting what is required of the private sector, Oyedele said, “Our ask from the private sector is invest with a medium to long-term perspective, continue to formalise and expand your operations. Engage constructively with policy makers like we always do, particularly on the platform of the NESG, uphold compliance, transparency and governance standards. Sustainable growth is ultimately a shared prosperity.

“We are mindful that there are risks to watch, and we must remain mindful of those risks that lie ahead, including reform fatigue, inflationary pressures arising from recent global economic uncertainties and conflicts, as well as political and social pressure, especially in a pre-election year. Why are these risks real? They are nevertheless manageable with discipline and collaboration. So in closing, my perspective is that Nigeria has taken the difficult step of initiating reforms.

“This phase that we have done required courage, and that has been demonstrated by the political leadership. The phase we are now entering requires something different, and that is discipline, focus and diligent execution. This is what we promise to deliver.”