Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has urged African countries to draw lessons from Nigeria’s economic reforms to accelerate growth, create jobs and strengthen regional trade.
Oyedele made the call on Wednesday at the Africa’s Golden Future Forum in Bangkok, Thailand, where he highlighted the importance of carefully sequencing reforms, communicating policies consistently and building public trust to achieve sustainable economic transformation.
He identified fuel subsidy removal, foreign exchange liberalisation and tax reform as key components of Nigeria’s economic adjustment programme.
According to the minister, removing fuel subsidies before liberalising the foreign exchange market helped Nigeria manage the effects of rising costs during the reform process.
He stressed that economic reforms must be backed by strong institutions, clear public communication and consistent policies to build confidence and deliver lasting benefits.
Oyedele also urged African governments to dismantle trade barriers, improve infrastructure and deepen regional integration to unlock opportunities under the African Continental Free Trade Area (AfCFTA).
He said Nigeria was developing an economic policy framework to strengthen coordination among trade, fiscal and monetary policies.
The minister identified energy, logistics, storage and processing facilities as critical investments for improving trade efficiency and competitiveness across Africa.
He also highlighted Nigeria’s National Single Window initiative, which is designed to simplify border procedures and improve the efficiency of international trade.
On social protection, Oyedele said governments must provide support for vulnerable citizens to cushion the effects of economic reforms.
He disclosed that Nigeria’s cash transfer programme had reached more than 10 million households, while over 1.5 million students had benefited from education support.
Also addressing the forum, African Development Bank President Sidi Ould Tah called for stronger implementation of reforms and increased investment in regional infrastructure.
Ould Tah said intra-African trade accounted for approximately 15 per cent of the continent’s total trade, a level significantly below that of other regions.
He disclosed that more than 60 per cent of the bank’s financing was directed towards infrastructure, including regional projects designed to strengthen continental integration.
The AfDB president also highlighted Mission 300, an initiative launched with the World Bank and other partners to connect 300 million Africans to electricity by 2030.
He added that the bank’s regional financing mechanism could cover up to 90 per cent of eligible projects involving more than two African countries, an arrangement intended to encourage cross-border cooperation and investment.
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