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.