We Won’t Reverse Our Reforms – Oyedele

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele has said the federal government will stay the course on economic reforms, declaring that policy reversals will not define the current phase of the country’s economic management.

The minister stated this while speaking at the launch of the Nigerian Economic Summit Group Private Sector Outlook 2026 in Lagos on Thursday, according to a statement that was issued by the Director of information in the ministry of finance, Efe Ovuakporie.

Oyedele who gave the assurance to investors at the event, said the administration is shifting from stabilisation to measurable growth, where reforms will be judged by outcomes rather than intent.

His comments came barely 48 hours after he assumed office, following the exit of Wale Edun from the Federal Executive Council.

“We are not looking back,” Oyedele said, stressing that consistency in policy direction remains critical to investor confidence.

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

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

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

On financing, Oyedele said the government is 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.

He added that Nigeria must target stronger real GDP per capita growth to make a meaningful impact on poverty, noting that modest growth figures would not be sufficient given the country’s population dynamics.

The minister further described the current stage of reforms as decisive, where success will depend on execution. “Reforms on their own do not create growth. We need investment at scale,” he said, adding that investors respond to stable and predictable environments, not policy announcements.

In the area of productivity, Oyedele 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.

He also called for deeper collaboration between the government and the private sector, maintaining that economic growth cannot be delivered by public policy alone.

As the country enters what he termed 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 from global uncertainties, and political tensions ahead of the election cycle, but maintained that these challenges are surmountable with discipline and cooperation.

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