Nigeria's Finance Minister Targets 7% Growth Amid Reforms

Taiwo Oyedele, the Minister of Finance, defended the Federal Government’s economic reform programme during the closing press briefing of the 2026 annual meetings of the International Monetary Fund and World Bank Group in Bangkok, Thailand. He stated that changes to the tax system, monetary conditions, and the business environment are positively reshaping international perceptions of Nigeria.

Oyedele presented the government’s ‘Nigeria Rising’ narrative and noted a growing interest in Nigeria from international stakeholders, attributing this to ongoing policy changes aimed at restoring macroeconomic stability. The government targets a 7% economic growth rate, significantly above the IMF’s projections of 4.2% for 2026 and 4.3% for 2027.

Achieving this target requires substantial acceleration in economic activity, higher investment, and an improved business environment. Oyedele emphasized the overhaul of Nigeria’s tax framework as a key reform component, aiming to create a more effective tax system and support long-term economic development.

He also highlighted the importance of reducing inflation and credit costs for faster economic growth.