Nigeria's Economy Shifts Focus to Job Creation and Growth

Taiwo Oyedele, the Minister of Finance and Coordinating Minister for the Economy, announced that Nigeria's three-year reform program has progressed beyond the stabilization phase, focusing now on converting stability into jobs and household income. Speaking at an emerging market event in Abuja, Oyedele noted that President Bola Tinubu's administration inherited an economy burdened by long-standing distortions and opted to address these issues directly.

Key reforms include foreign exchange unification, the removal of fuel and foreign exchange subsidies, and ongoing tax reforms. He reported that small businesses and low-income earners are benefiting from relief measures, while manufacturers are gaining from expanded input VAT credits.

Oyedele highlighted positive economic outcomes, such as a 3.89 percent real GDP growth in the first quarter of 2026, an 11.2 percent dollar-term growth in 2025, and a non-oil real GDP growth of 3.94 percent. Additionally, external reserves have surpassed $50 billion, inflation has decreased from its 2024 peak, and the banking sector's recapitalization raised ₦4.65 trillion, primarily from domestic investors.