‘Learn from Nigeria’: Oyedele Rallies Africa Behind Bold Reforms, Stronger Trade

By Maryann Awuya

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has challenged African countries to draw lessons from Nigeria’s economic reforms, saying carefully implemented policies and stronger regional trade could unlock growth and create jobs across the continent.

Speaking at the Africa’s Golden Future Forum in Bangkok, Thailand, Oyedele identified proper sequencing, consistent communication and public trust as essential to translating difficult economic adjustments into lasting gains.

He highlighted fuel subsidy removal, foreign exchange liberalisation and tax reform as key pillars of Nigeria’s reform programme.

According to him, removing fuel subsidies before liberalising the foreign exchange market helped Nigeria manage the impact of rising costs.

However, the minister stressed that policy changes alone were insufficient. Strong institutions, predictable policies and clear explanations to citizens were necessary to sustain confidence and deliver results.

Oyedele also urged African governments to dismantle trade barriers and address infrastructure gaps that continue to constrain commerce under the African Continental Free Trade Area.

He identified reliable energy, efficient logistics, storage and processing facilities as critical to making African businesses more competitive and expanding trade within the continent.

Nigeria, he said, was developing an economic policy framework to strengthen coordination among trade, fiscal and monetary policies.

He also highlighted the National Single Window initiative, designed to streamline border procedures, reduce administrative bottlenecks and improve trade efficiency.

Addressing the human cost of economic adjustment, Oyedele said governments must protect vulnerable citizens through targeted support.

He disclosed that Nigeria’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support.

Also speaking, African Development Bank President Sidi Ould Tah called for stronger implementation of reforms and greater investment in infrastructure linking African economies.

He said intra-African trade accounted for about 15 per cent of the continent’s total trade, significantly below levels recorded in other regions.

Ould Tah disclosed that more than 60 per cent of the bank’s financing went towards infrastructure, including regional projects designed to strengthen continental integration.

He highlighted Mission 300, a joint initiative with the World Bank and other partners aimed at connecting 300 million Africans to electricity by 2030.

The AfDB president added that the bank’s regional financing mechanism could cover up to 90 per cent of eligible projects involving more than two African countries, providing an incentive for cross-border cooperation.

The discussions placed reform implementation, social protection and regional infrastructure at the centre of Africa’s push to turn economic potential into jobs, investment and broader prosperity.