The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has urged African leaders to draw lessons from Nigeria’s economic reforms to drive sustainable growth, boost regional trade and improve living standards across the continent.
Oyedele said the effective sequencing of reforms, consistent policy communication and public trust were critical to achieving lasting economic transformation in African countries.
He spoke on Wednesday at Africa’s Golden Future Forum in Bangkok, Thailand, according to a statement issued by Mrs Efe Ovuakporie, Head of Information at the Federal Ministry of Finance.
The minister identified fuel subsidy removal, foreign exchange liberalisation and tax reform as key components of Nigeria’s economic reform programme, stressing that the order of implementation could significantly influence the impact of policies on households and businesses.
He explained that removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising costs, while emphasising that strong institutions, effective communication and policy consistency were essential to sustaining reforms and building public confidence.
Oyedele said Nigeria’s ongoing reforms were laying the foundation for inclusive growth, job creation and economic expansion, but noted that African countries must tackle structural barriers to trade and investment to unlock the continent’s economic potential.
He called for the removal of trade barriers, improved infrastructure and deeper regional integration to maximise opportunities under the African Continental Free Trade Area (AfCFTA).
The minister also disclosed that Nigeria was developing an economic policy framework to align trade, fiscal and monetary policies, strengthen coordination and improve policy outcomes.
According to him, investments in energy, logistics, storage and processing infrastructure are essential to enhancing intra-African trade and strengthening the continent’s competitiveness.
He further highlighted Nigeria’s National Single Window initiative, which is designed to simplify border procedures, reduce trade bottlenecks and improve the efficiency of cross-border transactions.
On the social implications of economic reforms, Oyedele stressed the need for effective protection measures to cushion vulnerable citizens against adjustment costs.
He said 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 at the forum, President of the African Development Bank (AfDB), Sidi Ould Tah, called on African governments to move beyond policy commitments and translate reforms into measurable improvements in citizens’ lives.
Ould Tah said the bank had supported reforms in Nigeria and Egypt through budget support and was collaborating with development partners to expand electricity access across Africa.
He cited Mission 300, an initiative launched in partnership with the World Bank and other development partners to connect 300 million Africans to electricity by 2030, as an example of the scale of cooperation required to close the continent’s infrastructure gaps.
According to him, more than 30 African countries had signed energy compacts requiring coordinated policy reforms, infrastructure investment and private sector participation to expand electricity access.
The AfDB president also highlighted the low level of intra-African trade, which he put at about 15 per cent of the continent’s total trade, compared with between 40 and 60 per cent in other regions.
He said the bank allocated more than 60 per cent of its financing to infrastructure, including regional projects designed to improve connectivity, facilitate trade and strengthen continental integration.
Ould Tah added that the African Development Fund’s regional financing mechanism could cover up to 90 per cent of eligible projects involving more than two African countries, helping to bridge financing gaps that frequently hinder cross-border infrastructure development.
He said stronger regional cooperation, sustained investment and the practical implementation of reforms were necessary to accelerate Africa’s economic transformation.
