Nigeria's Finance Minister Advocates for Vulnerable Protection

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, addressed the Africa’s Golden Future Forum in Bangkok, Thailand, stressing the necessity of protecting vulnerable Nigerians from the adverse effects of economic reforms. He stated that social protection measures are essential for inclusive growth.

Oyedele revealed that the Federal Government's cash transfer program has reached over 10 million households and that more than 1.5 million students have benefited from education support initiatives. He identified key components of Nigeria's economic transformation, including fuel subsidy removal, foreign exchange liberalization, and tax reforms.

Oyedele emphasized the importance of sequencing reforms and consistent communication to build public trust. He noted that the removal of the petrol subsidy before liberalizing the foreign exchange market helped manage rising costs.

Oyedele called for improved infrastructure and deeper regional integration to maximize opportunities under the African Continental Free Trade Area. He also mentioned Nigeria's development of an economic policy framework to enhance coordination among trade, fiscal, and monetary policies.