Nigeria Aims for 7% Economic Growth, Says Taiwo Oyedele

Nigeria is targeting an annual economic growth rate of 7%, exceeding the International Monetary Fund's projections. This announcement was made by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, during the 2026 IMF-World Bank Meetings held in Bangkok, Thailand.

Oyedele defended the government's "Nigeria Rising" narrative, which aims to reflect ongoing economic reforms and challenge international perceptions of Nigeria's economic progress. He noted that the government has overhauled the tax framework within two years, which is a key component of the reforms.

Oyedele stated that achieving the 7% growth target would require significant acceleration in economic activity, supported by stronger investment and productivity. He identified food, energy, and logistics costs as major inflationary pressures and emphasized that reducing these could lead to lower borrowing costs and improved access to credit for businesses.