Oyedele backs reform, rules out policy U-turns

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, on Thursday, assured investors that the Federal Government would not reverse its ongoing economic reforms, insisting that policy consistency would remain central to Nigeria’s economic management.

The position was contained in a press statement signed by the Head of Information and Public Relations at the Federal Ministry of Finance, Efe Ovuakporie.

Speaking at the launch of the Nigerian Economic Summit Group Private Sector Outlook 2026 in Lagos, Oyedele said, “We are not looking back,” stressing that consistency in policy direction remains critical to investor confidence.

He warned that mixed signals or abrupt reversals could undermine progress, noting that “businesses need to know that today’s decisions will still hold tomorrow.”

The minister’s remarks came barely 48 hours after he assumed office, following the exit of the immediate past Minister of Finance, Wale Edun, from the Federal Executive Council.

According to him, the administration is moving from a stabilisation phase to one focused on measurable growth, where reforms would be assessed based on outcomes rather than intentions.

While pointing to early signs of macroeconomic stabilisation, including a more aligned exchange rate and improved revenue performance, Oyedele said such gains must translate into tangible outcomes such as job creation, productivity growth and improved living standards.

He identified key priorities for driving investment in the next phase, including policy consistency, predictability across fiscal and regulatory frameworks, reduced cost of doing business, and improved access to capital.

On financing, the minister said the government was working to expand credit across the economy, from consumer lending to industrial financing, with support from institutions such as the Bank of Industry, to stimulate growth and unlock private sector participation.

Oyedele also stressed the need for stronger real GDP per capita growth to make a meaningful dent in poverty levels, noting that modest growth figures would be insufficient given Nigeria’s population dynamics.

Describing the current phase of reforms as decisive, he said, “Reforms on their own do not create growth. We need investment at scale,” adding that investors respond more to stable and predictable environments than to policy announcements.

On productivity, he said Nigeria must move beyond consumption-driven expansion and focus on improving output and competitiveness in key sectors, including agriculture, manufacturing, energy and the digital economy.

The minister further called for deeper collaboration between the government and the private sector, maintaining that sustainable economic growth cannot be achieved through public policy alone.

As the country enters what he described as a consolidation phase, Oyedele said the government would continue to deepen reforms, strengthen public financial management and improve coordination across all tiers of government.

He, however, acknowledged risks, including reform fatigue, inflationary pressures driven by global uncertainties, and political tensions ahead of the election cycle, but expressed confidence that the challenges could be managed with discipline and cooperation.

“Our task now is execution,” Oyedele said, adding, “This phase demands focus, consistency and accountability. That is the direction we are pursuing.”

The PUNCH earlier reported that President Bola Tinubu approved a minor reshuffle of the Federal Executive Council, replacing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Housing and Urban Development, Ahmed Dangiwa, from their cabinet positions.