The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said that Nigeria’s ongoing economic reforms are already benefitting citizens, noting that the government’s priority is to accelerate growth so that incomes rise faster than prices.
Oyedele stated this during a panel session at the opening ceremony of the 32nd Nigerian Economic Summit held in Abuja on Monday, October 26, 2026.
He explained that the benefits of the reforms could be seen in improved access to foreign exchange, increased support for students and small businesses, salary adjustments, and the payment of outstanding pension obligations.
Oyedele recalled that, as of mid-2023, young Nigerians faced difficulties making online payments, even for transactions as low as $20, while manufacturers struggled to access foreign exchange at official rates and letters of credit were being disregarded.
He added that the government had printed more than ₦30 trillion to finance spending because it could not generate sufficient revenue.
Oyedele, however, said that the situation had improved, stressing that banks now allowed customers to spend up to $40,000 per quarter, while access to international card payments had also become easier.
He also cited the Nigerian Education Loan Fund (NELFUND), which he said had benefited more than 1.5 million students, alongside salary increases, wage adjustments, pension payments and subsidised credit for small businesses.
The Minister mentioned that the government’s objective was to ensure that Nigerians experienced rising incomes that outpaced price increases, emphasising that the administration was working towards bringing inflation down to low single digits before the end of 2027.
He explained that lower inflation would help create the conditions for single-digit interest rates, making borrowing more affordable for businesses and individuals.
“If you are growing at 4.43 per cent, borrowing at close to 30 per cent, imagine what is possible when you borrow at single digits,” he said.
Oyedele added that affordable credit would help businesses access capital and enable individuals to make major purchases without facing excessively long repayment periods.
On industrial development, the Minister advocated a shift towards greater local production and export competitiveness, stressing that Nigeria must produce goods not only for domestic consumption but also for international markets.
He cited the clothing industry as an example, noting that some fabrics used in garments perceived to be Nigerian-made were imported from Poland.
He also called for a deliberate and structured approach to protecting local industries, arguing that protection should be temporary and tied to measurable performance milestones rather than maintained indefinitely.
Oyedele further urged Nigerians, particularly wealthy individuals and those with the capacity to pay, to fulfil their tax obligations in accordance with existing laws.
He warned that failure to pay taxes in an organised manner could contribute to economic instability, including inflation, high interest rates and pressure on the naira.
The Minister also called for stronger economic institutions and policy continuity, suggesting that the government’s economic policy framework should guide the decisions of political officeholders, government appointees, and elected officials.
Oyedele stated that economic growth should ultimately be measured by rising real per capita income, outpacing inflation, alongside declining inequality.
He maintained that Nigeria must focus on increasing incomes and strengthening productive capacity rather than attempting to suppress prices.
