Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele has declared that Nigeria’s priority currently is translating economic reforms into investments for the country.
Speaking during an address at Chatham House in London recently, Oyedele emphasized that the administration’s decisive actions including the removal of the petrol subsidy and the unification of foreign exchange markets prevented the country from sliding into hyperinflation.
Highlighting key performance data, Oyedele reported that headline inflation dropped to 14.63% by September 2026, down sharply from over 34% during the peak of adjustment pains in late 2024.
He also noted that gross external reserves have climbed to $55 billion, marking their highest level in nearly 18 years, supported by organic inflows rather than administrative rationing or forex backlogs.
Addressing the severe hardship faced by citizens, Oyedele acknowledged that food inflation and the rising cost of living remain critical tests for the government.
He noted that ongoing supply-side interventions such as agricultural investments, logistical upgrades, and digital cash transfers reaching over 10 million households are designed to bridge the gap between strong macroeconomic figures and the everyday realities of working Nigerians.
Looking ahead, Oyedele stressed that the government remains committed to fiscal discipline, aiming to transition Nigeria from a state of public borrowing to private investment-led growth with an objective of achieving a sustained 7% annual growth rate over the next five years.
“With inflation down to 14.63%, external reserves at US$55 billion and growth projected at 4.3% in 2026, our economy is increasingly stable and resilient. But stability is the foundation, not the destination. The real test is whether families can afford food, businesses can thrive, young people can find decent jobs, and citizens can access quality healthcare, education and economic opportunities.”
“Our task now is to translate reform credibility into investment, investment into jobs, and growth into incomes that rise faster than prices.”
“We recognise that capital has no citizenship. It does not respond to speeches or slogans, but to credible, consistent and transparent policies. It goes where there are opportunities and stays where it is treated fairly. Our responsibility is to make Nigeria that destination – and keep it that way,” he said.
