Nigeria has successfully navigated the toughest phase of its economic reforms and is now prioritising accelerated, broad-based growth that benefits citizens and businesses, according to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele.

Speaking at the Nigeria Employers’ Summit 2026 organised by the Nigeria Employers’ Consultative Association (NECA) in Abuja, Oyedele said the bold reforms introduced by President Bola Ahmed Tinubu’s administration averted an imminent economic collapse and established a foundation for macroeconomic stability.

Addressing business leaders, policymakers, and development partners during a high-level panel titled “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the Minister acknowledged the short-term hardships caused by the reforms but described them as essential for restoring fiscal sustainability.

“Before the reforms, Nigeria faced an unsustainable fiscal situation where oil revenues were largely consumed by fuel subsidies and non-oil revenue by debt obligations, leaving little room for investment in infrastructure and other critical sectors,” Oyedele explained.

He emphasised that the reforms 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 stated.

Oyedele noted that the economy has transitioned from severe volatility to increasing stability, creating conditions to attract investment, boost productivity, and build long-term resilience. The next phase of reforms, he said, will focus on faster economic growth, expanding opportunities across sectors, reducing inflation, and protecting vulnerable groups including low-income earners and small businesses.

The Minister also addressed public perceptions of government policies, particularly borrowing. He observed that criticism often stems from viewing debt through the lens of personal finance rather than strategic fiscal management. He cited the recent tax reforms as an example, which were designed to protect small businesses and low-income households while ensuring higher contributions from those with greater capacity.

Oyedele called on Nigerians to adopt a more balanced narrative about the country’s progress, recognising improvements in fiscal management, debt sustainability, investor confidence, and overall economic stability despite remaining challenges.

Other panelists, including Dr. Kelechi Ohiri, Director-General of the National Health Insurance Authority (NHIA); Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE); and Dr. Wilson Erumebor, Principal Economist at the Nigerian Economic Summit Group (NESG), acknowledged the necessity of the reforms while urging stronger actions to deliver tangible benefits to businesses and citizens.

Discussions at the summit centred on healthcare financing, infrastructure development, support for small and medium-sized enterprises, power sector reforms, tax administration, and translating macroeconomic stability into better living standards and enterprise competitiveness.

The Nigeria Employers’ Summit 2026 convened senior government officials, private sector leaders, development partners, and economic experts to explore how ongoing reforms and Environmental, Social and Governance (ESG) principles can enhance competitiveness and drive inclusive national growth.

The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 Microfinance Banks (MFBs).

CBN’s Ag. Director of Communications, Mrs. Hakama Sidi-Ali disclosed that the revocation becomes effective today.

She emphasised that the revocation was in accordance with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. OlayemiCardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” she said.

According to the revocation order, the action became necessary because of one or more of: insufficient assets to meet liabilities; closure of operations without the CBN approval; and inactivity and cessation of financial intermediation.

Others were: failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses.

•Former President Olusegun Obasanjo

Former President Olusegun Obasanjo on Wednesday warned that Nigeria must never experience another civil war.

Obasanjo spoke at the Olusegun Obasanjo Presidential Library (OOPL) in Abeokuta, Ogun State, while receiving a historical documentation on the Asaba Massacre from the Isama Ajie of Asaba, Chief Chuck Nduka-Eze.

Obasanjo noted that many of the factors that led to the 1967–1970 conflict still exist within the country’s institutions and among its people.

The work, titled Asaba Massacre, comprises a published transcript and an audiovisual documentary based on eyewitness accounts, recorded interviews, archival materials, audiovisual documentation and historical research.

Speaking during the presentation, Obasanjo, who served as a military commander during the Nigerian Civil War, said that he had always refrained from commenting extensively on the Asaba Massacre because the area was under the command of the late General Murtala Muhammed.

He commended Nduka-Eze for documenting the events, saying the work would contribute to preserving Nigeria’s history and preventing a recurrence of such tragedies.

“We pride ourselves that we preserve the past, we capture the present and we inspire the future. We capture the past, and this is the past; we want to capture it, we want to know about it,” Obasanjo said.