Nigeria’s economic reforms have boosted investor confidence, with financial markets and the international community factoring in the likelihood of President Bola Tinubu’s re-election and the continuation of current policies beyond the 2027 general election, according to Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele.
Oyedele made the remarks at a press briefing with Central Bank of Nigeria Governor Olayemi Cardoso during the 2026 IMF/World Bank Annual Meetings in Bangkok, Thailand.
He noted that investors are closely watching whether political developments could reverse the government’s economic reforms.
“The markets and the international community have been pricing in the prospect of a second term for the President, and they expect continuity in the reforms,” he said.
Addressing questions about the upcoming election and its potential impact on economic policy, the minister said investors want assurances that Nigeria will stick with the reforms that have helped stabilise the economy.
He recounted their concerns: “They ask, ‘Are you under pressure because of elections?’”
Oyedele insisted the reform programme is driven by the need to place the economy on a sustainable path, not by political motives. “It is not because I am trying to help Mr President win re-election,” he explained.
He reaffirmed the government’s commitment to sustaining the reforms, warning that any reversal would damage confidence, trigger capital flight, and renew pressure on the naira.
“There will be no return to fuel subsidies or multiple exchange rates,” he declared.Oyedele clarified that NNPC Retail’s recent petrol discount was a commercial decision by the company and should not be seen as a return to government-funded subsidies.
“What you are seeing from NNPC Retail is a commercial decision. It is not a subsidy. A company can decide to reduce its margin or offer a discount as part of its business strategy. That does not mean the government has brought back subsidies,” he said.
Reversing the reforms, he cautioned, would have serious consequences. “If you reverse these reforms, investors will respond. Capital will leave, pressure will return to the foreign exchange market and the naira will come under pressure. We cannot afford to go back to where we were.”
On growth, Oyedele expressed confidence that Nigeria would exceed the projections of the International Monetary Fund and the World Bank.
“The IMF and the World Bank make projections based on the information and assumptions available to them. We respect their work, but our ambition cannot be limited to their projections,” he said.
“We are targeting growth of seven per cent. That is what we believe Nigeria needs to create jobs, improve incomes and reduce poverty. We must be ambitious, but we must also do the work required to achieve that growth.”
He identified high food, energy, and logistics costs as major barriers to expansion, stressing the need to lower these expenses and improve the ease of doing business.
Regarding inflation, Oyedele said the government aims for a sustained drop to low single digits to allow lower interest rates and better access to credit for businesses.
“We want inflation to come down to low single digits. When inflation is high, interest rates are also high, and businesses struggle to borrow at a cost that allows them to make a profit. Our objective is to create an environment where businesses can invest and grow.”
The minister revealed that Nigeria had presented 65 investment projects worth $78.5 billion to potential investors, spanning energy, transportation, industry, mining, agriculture, healthcare, and urban services. Attracting private capital into these projects, he said, would support growth and job creation.
Ultimately, Oyedele stressed that the real measure of the reforms would be their effect on ordinary Nigerians.
“Stability is earned, and growth is a task. It is not enough to say that the numbers are improving. We must ensure that growth creates jobs, that businesses are able to expand and that Nigerians can see the benefits in their daily lives.”
He urged Nigerians to recognise the opportunities arising from the reforms and emphasised that policy consistency remains essential to maintaining investor confidence and driving stronger economic growth.
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