The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, says Nigeria’s reform experience can guide Africa’s economic transformation.
Oyedele said this at the Africa’s Golden Future Forum, on Wednesday in Thailand, Bangkok.
He said that proper sequencing, consistent communication and public trust were critical to successful reforms.
The minister also identified fuel subsidy removal, foreign exchange reform and tax reform as Nigeria’s major economic reforms.
According to him, sequencing fuel subsidy removal before foreign exchange liberalisation helped manage the impact of rising costs.
He said that the reforms required clear communication, strong institutions and consistent policies to ensure sustainability and build public confidence.
Oyedele said that Nigeria’s reforms had laid the foundation for inclusive growth, job creation and economic expansion.
He urged African countries to remove trade barriers, improve infrastructure and strengthen regional integration to maximise the benefits of the African Continental Free Trade Area (AfCFTA).
The minister said that Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies and improve coordination.
Oyedele identified energy, logistics, storage and processing infrastructure as critical to boosting African trade and competitiveness.
He also highlighted the National Single Window initiative aimed at simplifying border procedures and improving trade efficiency in Nigeria.
The minister stressed the need for social protection during reforms, noting that vulnerable citizens required support to cope with economic difficulties.
He said that Nigeria’s cash transfer programme had reached more than 10 million households, while education support had benefited over 1.5 million students.
Also speaking, President of the African Development Bank (AfDB), Sidi Ould Tah, called for practical implementation of reforms across Africa.
Ould Tah said that the bank had supported reforms in Nigeria and Egypt through budget support and was working with partners to improve electricity access.
He cited Mission 300, an initiative launched with the World Bank and other partners to provide electricity access to 300 million Africans by 2030.
According to him, more than 30 African countries have signed energy compacts requiring coordinated reforms, infrastructure investment and private-sector participation.
Ould Tah said that intra-African trade accounted for about 15 per cent of total trade, compared with 40 per cent and 60 per cent in other regions.
He said that the AfDB devoted more than 60 per cent of its financing to infrastructure, including regional projects to promote continental integration.
The AfDB president added that the African Development Fund’s regional financing mechanism could cover up to 90 per cent of eligible regional projects involving more than two African countries.
Nigeria’s Reform Experience Can Guide Africa’s Economic Transformation- Oyedele
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