By Chioma Obinagwam
Finance Minister Taiwo Oyedele says Nigeria has weathered its hardest economic reforms and is now shifting focus to growth that reaches ordinary citizens and businesses.
Oyedele, who is also the Coordinating Minister of the Economy, made the disclosure at the Nigeria Employers’ Summit 2026 in Abuja, organised by the Nigeria Employers’ Consultative Association (NECA), Confiance News gathered.
Speaking during a high-level panel session themed “Reforms in Focus: The Milestones, the Challenges and the Prospects,” the Minister said the Tinubu administration’s reforms averted a looming economic collapse and laid the groundwork for macroeconomic stability, sources at the summit confirmed.
He acknowledged the reforms came with short-term pain and volatility but insisted they were necessary to restore fiscal sustainability. Before the reforms, Confiance News learned, Nigeria’s oil revenues were largely swallowed by fuel subsidy payments, while non-oil revenue went mostly toward debt servicing, leaving little room for infrastructure investment.
”The reforms were not optional, they were necessary to prevent economic collapse. The task before us now is to consolidate the gains, deepen stability and accelerate productive, inclusive growth that improves the lives of Nigerians,” Oyedele said.
The Minister noted that Nigeria has moved from a period of severe volatility to one of increasing stability, a shift he said is creating the conditions to attract investment and boost productivity, it was gathered.
He said the next phase of the reform agenda will prioritise faster economic growth, wider opportunities across sectors, and lower inflation, while shielding low-income earners and small businesses from further strain.
Oyedele also stressed the need for greater public understanding of government policy, arguing that informed citizens are better placed to hold government accountable. He noted that public criticism of government borrowing often stems from viewing debt as a moral failing rather than a legitimate financial strategy, a framing he said unfairly casts fiscal borrowing as mortgaging the nation’s future rather than sound economic management, Confiance News sighted.
He cited recent tax reforms as an example, designed to protect small businesses and low-income households while requiring those with greater financial capacity to contribute more to public services and national development.
The Minister urged Nigerians to embrace a more balanced narrative about the country’s progress, pointing to notable improvements in fiscal management, debt sustainability, investor confidence and overall economic stability, even as challenges persist.
Other panelists at the event, including National Health Insurance Authority (NHIA) Director-General Dr. Kelechi Ohiri, Centre for the Promotion of Private Enterprise (CPPE) CEO Dr. Muda Yusuf, and Nigerian Economic Summit Group (NESG) economist Dr. Wilson Erumebor, agreed on the necessity of the ongoing reforms while calling for stronger measures to accelerate their impact on businesses and citizens, Confiance News confirmed.
Discussions at the summit also centred on strengthening healthcare financing, improving infrastructure, supporting small and medium-sized enterprises, deepening power sector reforms, and ensuring that macroeconomic stability translates into better living standards and enterprise competitiveness.
The Nigeria Employers’ Summit 2026 brought together senior government officials, private sector leaders, development partners and economic experts to examine how ongoing reforms and Environmental, Social and Governance (ESG) principles can drive enterprise competitiveness and inclusive national growth.
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