Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has urged African countries to learn from Nigeria’s economic reforms to boost growth, create jobs, and expand regional trade.
Oyedele made the call at the Africa’s Golden Future Forum in Bangkok, Thailand, where he identified fuel subsidy removal, foreign exchange liberalization, and tax reforms as key parts of Nigeria’s economic adjustment program.
He stressed that successful reforms require careful sequencing, consistent policies, clear communication, and strong institutions to build public trust and ensure lasting benefits.
The minister also urged African governments to remove trade barriers, improve infrastructure, and strengthen regional integration to maximize opportunities under the African Continental Free Trade Area.
He highlighted the need for better coordination of trade, fiscal, and monetary policies, as well as investments in energy, logistics, storage, and processing facilities. He also cited Nigeria’s National Single Window initiative as an effort to simplify trade procedures.
On social protection, Oyedele said governments must support vulnerable citizens affected by economic reforms. He disclosed that Nigeria’s cash transfer program had reached more than 10 million households, while over 1.5 million students had benefited from education support.
Also speaking, 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 accounts for about 15 percent of total trade, highlighting the need for greater economic integration. He added that more than 60 percent of the bank’s financing goes towards infrastructure projects.
He also highlighted Mission 300, an initiative involving the World Bank and other partners aimed at connecting 300 million Africans to electricity by 2030.
