The Federal Government has dominated out restoring fuel subsidies and multiple exchange rates, reaffirming its dedication to financial reforms because it seeks to translate stabilisation positive aspects into funding, financial development and job creation.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, acknowledged this on Saturday at a information briefing following Nigeria’s participation within the IMF/World Bank Group Annual Meetings in Bangkok, Thailand.
Oyedele clarified that the 30-day retail margin low cost on petrol launched by the Nigerian National Petroleum Company Limited (NNPC) was a time-bound industrial resolution to scale back margins and assist Nigerians, quite than a subsidy funded with public assets.
Nigeria’s economic system grows 4.4% in second quarter
Oyedele reiterated the federal government’s place on the reforms, ruling out a return to the earlier fuel pricing and international exchange preparations.
- “Let me be clear: there will be no return to fuel subsidies or multiple exchange rates,” he mentioned.
He mentioned Nigeria’s economic system grew by 4.4% within the second quarter of 2026, whereas inflation had declined for 4 consecutive months to lower than half its peak degree recorded about two years earlier.
- He added that the nation’s international reserves had risen above $35 billion, whereas its tax-to-GDP ratio elevated from about 7% three years in the past to 12.5% on the finish of 2025, following GDP rebasing.
- The minister additionally mentioned personal capital inflows had risen roughly 20-fold, from about $300 million in 2023 to almost $6 billion in 2026.
- He put Nigeria’s debt at about 36% of GDP, describing the debt profile as manageable and noting that the federal government was shifting its borrowing in the direction of cheaper, longer-term and extra reasonably priced financing.
Oyedele mentioned the precedence was to convert these enhancements into elevated funding, sooner financial development and higher employment alternatives.
Development companions sign continued cooperation
Oyedele mentioned the World Bank Group had reaffirmed its assist for Nigeria’s energy and infrastructure sectors by means of assure devices and different financing mechanisms.
- He added that the International Monetary Fund (IMF) had dedicated to continued technical assist for fiscal coverage implementation, transparency and nationwide statistics.
- The European Union additionally recognized vitality and native pharmaceutical manufacturing as precedence areas for collaboration underneath its Global Gateway programme.
However, Oyedele cautioned in opposition to deciphering these engagements as rapid monetary disbursements, stressing that the commitments mirrored a willingness to work with Nigeria quite than confirmed funding.
- “These are commitments to work along with us, not bulletins of cash.
- “We are playing down visibility and elevating credibility. We will not report progress as agreements until we have signed commitments and results begin to crystallise,” he mentioned.
Nigeria seeks modifications to international monetary system
Oyedele mentioned Nigeria used its place as chair of the Group of 24 (G24) to advocate reforms to the worldwide monetary system, together with a stronger quota-based IMF, extra clear credit-rating methodologies, deeper local-currency markets and reasonably priced local weather finance.
- He cited findings introduced by the United Nations Economic Commission for Africa on the G24 conferences, indicating that creating international locations paid about $500 billion extra yearly to borrow than superior economies.
- The minister described the extra borrowing prices confronted by African international locations as a “prejudice premium”, arguing that the danger premium connected to the continent usually failed to replicate the financial fundamentals of particular person international locations.
He additionally expressed assist for an African credit-rating company, saying international locations implementing credible financial insurance policies ought to have entry to cheaper financing.
On the vitality transition, Oyedele mentioned pure gasoline remained Nigeria’s transition fuel and referred to as for local weather financing preparations that recognised variations in international locations’ levels of growth.
FG unveils $78.5 billion funding pipeline
The minister mentioned the federal government had unveiled 65 funding initiatives valued at $78.5 billion underneath the Project Nigeria initiative, as previously reported by Nairametrics.
The initiatives cowl vitality, transport, business and mining, agriculture, healthcare and companies.
According to him, every mission is supported by a feasibility research and structured to accommodate private-sector participation by native and international traders.
He added that traders from Asia and Europe had already submitted expressions of curiosity within the initiatives.
