Nigeria’s Finance Minister and Coordinating Minister of the Economy, Olawale Edun, has strongly backed President Bola Tinubu’s economic reform agenda, calling it a necessary path to stability despite short-term hardship.
Speaking on behalf of the minister at the 13th BusinessDay CEO Forum in Lagos, presidential adviser on Finance and Economy, Sayande Okoli, said the removal of fuel and foreign exchange subsidies marked the beginning of a broader reform programme aimed at restoring investor confidence and setting the stage for long-term growth.
“The theme of this year’s summit, ‘From Reform to Recovery’, reflects the economic direction Nigeria is taking,” said Okoli. “In the past two years, we’ve taken bold but essential steps.”
Edun, through Okoli, pointed to Tinubu’s decision on his first day in office to end the long-standing fuel subsidy, calling it a calculated and urgent move. He also referenced his involvement in the 2023 Spring Meetings of the IMF and World Bank, where international stakeholders reportedly echoed the same message: reforms were unavoidable if Nigeria hoped to attract foreign investment.
“The message was clear: until fuel and FX subsidies are addressed, meaningful investor interest would remain out of reach,” she said.
Okoli acknowledged that the fallout from these reforms particularly inflation and a weakened naira following FX liberalisation had put pressure on households and businesses alike. However, she said the second phase of the government’s agenda focuses on stabilising the macroeconomic environment.
“With rising inflation and currency depreciation, ensuring stability is now key. No serious investor wants to commit capital in an unpredictable economy,” she added.
She also stressed the importance of dialogue between policymakers and the business community, commending the BusinessDay Forum as a vital space for those conversations.
“For those of us in public office, showing up, listening, and learning from business leaders is vital. What the private sector says should help shape government strategy,” Okoli said.
Now in its 13th year, the BusinessDay CEO Forum brings together senior executives, policy officials, and economic thinkers to address challenges and opportunities within Nigeria’s business landscape.
