BY CHIKA OKEKE, Abuja
The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has pushed for consistent policies to sustain fiscal and economic reforms, while building the public and investors’ confidence.
At the Africa’s Golden Future Forum on Wednesday in Bangkok, Thailand, he stated that effective communication and strong institutions are crucial in sustaining the reforms.
Oyedele explained that Nigeria’s experience with economic reforms offers valuable lessons for African countries seeking sustainable growth, stronger regional trade and improved living standards.
He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as major components of Nigeria’s economic reform programme, adding that orderly implementation of policies impact on citizens and businesses.
The minister revealed that removing the fuel subsidy before liberalising the foreign exchange market helped manage the effects of rising costs.
Oyedele said that Nigeria’s reforms were laying the groundwork for inclusive growth, job creation and economic expansion, adding that African countries must also address structural barriers that limit trade and investment across the continent.
He called for the removal of trade barriers, improved infrastructure and stronger regional integration to unlock the opportunities offered by the African Continental Free Trade Area (AfCFTA).
The minister informed that Nigeria is developing an economic policy framework to align trade, fiscal and monetary policies and improve coordination.
This was even as he identified energy, logistics, storage and processing infrastructure as critical to strengthening African trade and competitiveness.
He highlighted Nigeria’s National Single Window (NSW) initiative, designed to simplify border procedures and improve trade efficiency, harping on the need to protect vulnerable citizens from the effects of economic reforms through effective social protection measures.
Oyedele informed that Nigeria’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support.
The President of the African Development Bank (AfDB), Sidi Ould Tah requested for practical implementation of reforms across Africa, saying that policy commitments must translate into tangible results.
Tah informed that the bank had supported reforms in Nigeria and Egypt through budget support and was working with development partners to expand electricity access across the continent.
He cited Mission 300, an initiative launched with the World Bank and other partners to connect 300 million Africans to electricity by 2030, as an example of the scale of cooperation required to address Africa’s infrastructure gaps.
More than 30 African countries had signed energy compacts requiring coordinated reforms, infrastructure investment and private sector participation to expand electricity access.
The AfDB president revealed that intra-African trade accounted for about 15 per cent of the continent’s total trade, compared with 40 per cent and 60 per cent in other regions.
He stated that the bank devoted more than 60 per cent of its financing to infrastructure, including regional projects aimed at improving connectivity and promoting continental integration.
Tah pointed out that the AfDB's regional financing mechanism could cover up to 90 per cent of eligible regional projects involving more than two African countries, while helping to address financing gaps that often hinder cross-border infrastructure development.
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