Subsidy Removal, FX Unification Restoring Market Integrity – Uzoka-Anite

The minister of state for finance, Dr. Doris Uzoka-Anite, has credited the removal of the fuel subsidy and the unification of the foreign exchange market for restoring integrity to Nigeria’s economic framework and laying the foundation for long-term growth.

She spoke at the 2026 Annual General Meeting of the Finance Correspondents Association of Nigeria in Abuja.

Uzoka-Anite said Nigeria’s ambition to build a $1 trillion economy under President Bola Ahmed Tinubu requires sustained annual growth of between 10 and 12 per cent over the next decade. She noted that with the country’s GDP currently estimated at about $375 billion, achieving the target demands disciplined reforms and credible macroeconomic management.

According to her, when the administration took office in 2023, economic fundamentals were structurally distorted. She said fuel subsidy consumed over N5 trillion annually, crowding out critical investments, while multiple exchange rate windows weakened investor confidence and encouraged rent-seeking.

“The President made two decisions in rapid succession that few considered politically survivable: the removal of the fuel subsidy and the unification of the exchange rate,” she said.

Uzoka-Anite acknowledged the short-term hardship that followed but stressed that the reforms had not been reversed. She cited the January 2026 revision of Nigeria’s outlook to positive by S&P Global Ratings, which affirmed the country’s B-/B ratings and referenced improvements across fiscal, external, and monetary indicators.

Beyond stabilisation, the minister said the government is now focused on accelerating growth through the Disinflation and Growth Acceleration Strategy (DGAS), developed in collaboration with the Central Bank of Nigeria. She said the framework targets non-inflationary growth above seven per cent by 2027 through nine implementation pillars, including capital mobilisation, sectoral expansion, energy development, digital infrastructure, and consumer credit expansion.

On the international front, Uzoka-Anite said Nigeria’s removal from the Financial Action Task Force grey list had strengthened global investor confidence. She added that the submission of Nigeria’s ECOWAS Tariff Offer under the African Continental Free Trade Area establishes zero duties on 90 per cent of goods traded within the continent.

The finance minister said this positions Nigeria at the centre of a $3 trillion African market and reinforces its long-term economic transformation agenda. Early wins include a 15 per cent rise in non-oil exports to $5.2 billion in 2025 and improved power supply amid Dangote Refinery’s commissioning, which has begun easing fuel import dependence.

On the international stage, Nigeria’s exit from the Financial Action Task Force (FATF) grey list in late 2025—after addressing anti-money laundering gaps—has unlocked over $800 million in frozen correspondent banking relationships and bolstered investor sentiment. Uzoka-Anite also celebrated Nigeria’s submission of its ECOWAS Tariff Offer under the African Continental Free Trade Area (AfCFTA), slashing duties to zero on 90 per cent of intra-continental goods.

This, she said, catapults Nigeria into the heart of a $3.4 trillion African market, projected to grow to $7 trillion by 2035, while aligning with the Economic Transformation Agenda. “We’re not just participating; we’re positioning to lead,” Uzoka-Anite affirmed.

Managing Director/CEO of the Nigerian Export-Import (NEXIM) Bank, Abba Bello, said his bank sees the $1 trillion target as a call to arms to unlock the untapped potential in our solid minerals, agriculture, and creative industries. “We are moving from a ‘resource-based’ mindset to an ‘export-led’ growth model,” he stated.

NEXIM said it is focusing on three critical areas: empowering the Nigerian exporter by providing targeted, low-interest funding and guarantees; ensuring that Nigeria not only participates in AfCFTA but also leads it; and removing bottlenecks for trade.