•We are moving from intent to measurable outcomes
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has assured investors that the government would stay the course on ongoing economic reforms.

He stated this yesterday while speaking at the launch of Private Sector Outlook 2026 by the Nigerian Economic Summit Group (NESG) in Lagos.

A statement issued by the head of Information and Public Relations at the ministry, Efe Ovuakporie, quoted Oyedele as saying that the administration was shifting from stabilisation to measurable growth, in which reforms will be judged by outcomes rather than intent.

Oyedele’s comments came barely 48 hours after he assumed office, following the exit of Wale Edun from the Federal Executive Council.

While noting that the government was not looking back, Oyedele, who spoke virtually, stressed that consistency in policy direction remained critical to investor confidence.

He warned that mixed signals or abrupt reversals could stall progress, noting that “businesses need to know that today’s decisions will still hold tomorrow.”

While pointing to early signs of macroeconomic stabilisation, including a more aligned exchange rate and improved revenue performance, the minister said the gains must translate into tangible outcomes such as job creation, productivity growth and better living standards.

He identified four priorities for driving investment in the next phase, including policy consistency, predictability across fiscal and regulatory frameworks, reduction in the cost of doing business and improved access to capital.

On financing, Oyedele said the government was working to expand credit across the economy, from consumer lending to industrial financing, with support from institutions such as the Bank of Industry (BoI), to stimulate growth and unlock private sector participation.

He added that Nigeria must target stronger real GDP per capita growth to make a meaningful impact on poverty, noting that modest growth figures would not be sufficient given the country’s population dynamics.

The minister further described the current stage of reforms as decisive, with success depending on execution.

“Reforms, on their own, do not create growth. We need investment at scale,” he said, adding that investors respond to stable and predictable environments, not policy announcements.

On the productivity front, Oyedele said Nigeria must move beyond consumption-driven expansion and focus on improving output and competitiveness in key sectors, including agriculture, manufacturing, energy and digital economy.

He also called for deeper collaboration between the government and the private sector, maintaining that economic growth cannot be delivered by public policy alone.

As the country enters what he termed a consolidation phase, Oyedele said the government would continue to deepen reforms, strengthen public financial management and improve coordination across all tiers of government.

He, however, acknowledged risks, including reform fatigue, inflationary pressures from global uncertainties and political tensions ahead of the election cycle, but maintained that these challenges are surmountable with discipline and cooperation.

“Our task now is execution. This phase demands focus, consistency and accountability. That is the direction we are pursuing,” he added.

Chairman of the NESG, Olaniyi Yusuf, described the report as a forward-looking framework designed to guide businesses in navigating an evolving economic landscape shaped by both domestic reforms and global pressures.

He noted that while recent fiscal and monetary measures have begun to stabilise key indicators, a significant gap remains between macroeconomic gains and real sector performance, as well as the lived realities of households and firms.

According to him, Nigeria’s economy is gradually emerging from a period of acute instability, with 2025 reflecting early signs of recovery.

He said these developments signal initial progress driven by sustained reforms, but cautioned that such improvements have yet to translate into broad-based productivity gains at the firm level.